US crude futures rise $1.67/bbl on contract expiration short covering

22 March 2011 20:19  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for April delivery settled on Tuesday at $104.00/bbl, up $1.67 amid a reluctance to sell in response to fighting in Libya and growing unrest in Yemen, which could result in further supply disruptions.

The April crude contract, which topped out at $104.54/bbl, went off the board at the end of the session and was influenced by booksquaring ahead of expiration.

A weak dollar and a slide in the stock market also provided support to the energy complex.

May crude topped out at $104.54/bbl, up $2.21, before retreating to settle at $104.00/bbl, up $1.67.

The May ICE Brent contract surged to $116.09/bbl before settling at $115.70, up 74 cents.

 


By: Ignacio Sotolongo
+1 713 525 2653



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