Crude moves up above $51/bbl on stock market gains

02 April 2009 12:55  [Source: ICIS news]

LONDON (ICIS news)--Crude prices gained by more than $3/bbl on Thursday to take Brent crude on ICE futures above $51/bbl as stock markets gained on confidence in the global economy due to the G20 summit in London.

By 11:35GMT, May Brent crude had hit a high of $51.64/bbl, a gain of $3.20/bbl from Wednesday’s close of $48.44/bbl, before easing back to around $51.30/bbl.

At the same time, May NYMEX light sweet crude futures were trading around $50.80/bbl, having hit a high of $51.53/bbl, which was a gain of $3.14/bbl from the previous close.

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By: Giovanni Coiro
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