NYMEX crude up $2/bbl on weak dollar and short covering

18 May 2010 12:57  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $2/bbl on Tuesday to take the front month June contract above $72/bbl on the back a weaker US Dollar and short covering ahead of Thursday’s contract expiry.

By 11:40 GMT, June NYMEX crude had hit a high of $72.15/bbl, a gain of $2.07/bbl from the Monday close of $70.08/bbl, before easing back to around $72.05/bbl. The outer months posted smaller gains, thereby undermining the contango structure.

At the same time, July Brent crude on ICE Futures was trading around $76.30/bbl, having hit a high of $76.60/bbl, a gain of $1.50/bbl from the previous close.

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By: Tony Dillon
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