Brent gains on weak US dollar, premium over NYMEX above $11/bbl

27 January 2011 15:06  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1/bbl on Thursday to take Brent crude close to $99/bbl as the US dollar lost more ground as a result of negative data on US jobless claims.

At 14:30 GMT, March Brent crude on the ICE futures exchange had hit a high of $98.95/bbl, a gain of $1.04/bbl from the previous close of $97.91/bbl, before easing back to around $98.75/bbl.

At the same time, March NYMEX light, sweet crude futures were trading around $87.10/bbl, having hit a high of $87.66, a gain of just $0.33 from the previous close.

This took the premium for front-month Brent over WTI to well above $11/bbl.

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By: Tony Dillon
+44 20 8652 3214



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