NYMEX crude up $3/bbl on weaker dollar, Greece bail-out hopes

31 May 2011 14:34  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures gained almost $3/bbl on Tuesday to take the front month July contract above $103/bbl on the back of a weaker dollar against the euro and improving prospects of a second bail-out package for Greece.

By 13.13 GMT, July NYMEX crude had hit a high of $103.39/bbl, a gain of $2.80/bbl from the Friday close of $100.59/bbl, before easing back to around $103.23/bbl.

At the same time, July Brent crude on ICE Futures was trading around $116.67/bbl, having hit a high of $117.00/bbl, a gain of $2.32/bbl from the previous close.

By: Kawai Wong
+44 20 8652 3214

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