Crude oil gains more than $1/bbl as US dollar slides

25 September 2009 15:48  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1/bbl on Friday to take the front-month November contract close above $67/bbl due to a slide in the US dollar.

The American currency was losing ground on expectations that the US would keep interest rates low after reports from the G20 summit noted that the major world economies’ economic stimulus measures would be kept in place.

By 14:15 GMT, November NYMEX crude had hit a high of $67.09/bbl, which was a gain of $1.20/bbl from previous close of $67.09/bbl, before easing back to around $66.60/bbl.

At the same time, November Brent crude on ICE futures was trading around $65.40/bbl, having hit a high of $65.85/bbl, which was a gain of $1.03/bbl from the previous close.

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By: Giovanni Coiro
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