NYMEX crude up $1/bbl on weak US dollar after earlier losses

22 August 2011 12:17  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1/bbl on Monday to take the front month September contract, which expires at the end of the day, above $83/bbl on the back of a weaker US dollar.

Earlier in the day, prices had fallen sharply on expectations that the Gaddafi regime in Libya was about to be toppled.

By 11:00 GMT, September NYMEX crude had hit a high of $83.36/bbl, a gain of $1.10/bbl from the Friday close of $82.26/bbl, before easing back to around $83.00/bbl.

At the same time, October Brent crude on ICE Futures was trading around $107.20/bbl, having hit a high of $108.67/bbl, a gain of just 5 cents/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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