US crude futures surge over $2.00/bbl to 18-month high

05 April 2010 17:20  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for May delivery rose $2.03 to $86.90/bbl on Monday, lifted by weakness in the US dollar and a rally in the stock market driven by a series of positive economic data.  

A positive jobs report released on Friday and Monday’s data showing a rise in pending home sales as well as growth in the US service sector attracted speculative inflow into various commodities.

Crude oil futures on the NYMEX and ICE were closed on Friday in New York and London because of the Easter holiday. London markets were also closed on Monday.

May crude on the NYMEX topped out at $86.90/bbl, up $2.03 and setting an 18-month high before retreating slightly. At 16:00 GMT, the market was at $86.59/bbl, up $1.72.

ICE Brent for May delivery also set a new high, rising to $86.05/bbl before retreating towards $85.74/bbl, up $1.73.

On the refined products side, May gasoline futures picked up 3.32 cents to trade at $2.3569/gal.

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By: Ignacio Sotolongo
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