NYMEX crude gains on weaker dollar, unexpected gasoline draw

24 February 2010 16:22  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1/bbl on Wednesday to take the front month April contract above $80/bbl on the back of a weaker US dollar and an unexpected draw on gasoline stocks in the weekly US stock data.

By 16:10 GMT, April NYMEX crude had hit a high of $80.13/bbl, a gain of $1.27/bbl from the Tuesday close of $78.86/bbl, before easing back to around $80.00/bbl.

At the same time, April Brent crude on ICE Futures was trading around $78.30/bbl, having hit a high of $78.42/bbl, a gain of $1.17/bbl from the previous close.

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By: Tony Dillon
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