NYMEX light sweet crude futures gain more than $2.00/bbl

02 August 2010 14:59  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $2.00/bbl on Monday to take the front month September contract above $81.00/bbl for the first time since early May, on the back of firm stock markets and a weaker US dollar.

A developing tropical depression in the Atlantic added further support on fears that it could develop into a hurricane to threaten the US Gulf oil and gas infrastructure.

By 13:35 GMT, September NYMEX crude had hit a high of $81.02/bbl, a gain of $2.07/bbl from the Friday close of $78.95/bbl, before easing back to around $80.75/bbl.

At the same time, September Brent crude on ICE Futures was trading around $80.10/bbl, having hit a high of $80.32/bbl, a gain of $2.14/bbl from the previous close.

($1 = €0.77)

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Author: Tony Dillion

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