NYMEX light sweet crude futures gain more than $1.00/bbl

02 November 2010 12:48  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1.00/bbl on Tuesday to take the front month December contract above $84.00/bbl on the back of a weaker dollar and comments from OPEC producer Libya predicting that crude oil prices could rise to $100.00/bbl by the end of the year.

By 12:35 GMT, December NYMEX crude had hit a high of $84.14/bbl, a gain of $1.19/bbl from the Monday close of $82.95/bbl, before easing back to around $83.95/bbl.

At the same time, December Brent crude on ICE Futures was trading around $85.50/bbl, having hit a high of $85.66/bbl, a gain of $1.04/bbl from the previous close.

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By: Tony Dillon
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