Crude rises by more than $1/bbl on supply concerns

28 May 2012 11:25  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Monday to take Brent crude on ICE Futures close to $108.00/bbl on the back of increased fears of supply disruptions from the Middle East because of the lack of progress made in talks over the Iranian nuclear programme.

By 10:00 GMT, July Brent crude had hit a high of $107.90/bbl, a gain of $1.07/bbl from Friday’s close of $106.83/bbl, before easing back to around $107.85/bbl.

At the same time, July NYMEX light sweet crude futures were trading around $91.85/bbl, having hit a high of $91.90/bbl, a gain of $1.04/bbl from the previous close of $90.86/bbl.

By: Tony Dillon
+44 20 8652 3214

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