Crude up $2/bbl on US jobs data, Libya, weak dollar

31 March 2011 15:05  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures posted gains of more than $2.00/bbl on Thursday to take the front month May contract close to $107.00/bbl after US jobless claims data showed a drop in the past week.

This added to earlier gains on the back of the ongoing conflict in Libya and a weaker US dollar.

By 13:45 GMT, May NYMEX crude had hit a high of $106.77/bbl, a gain of $2.50/bbl from the Wednesday close of $104.27/bbl, before easing back to around $106.50/bbl.

At the same time, May Brent crude on ICE Futures was trading around $117.35/bbl, having hit a high of $117.70/bbl, a gain of $2.57/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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