05 July 2012 10:41 [Source: ICIS news]
LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Thursday to take Brent crude on ICE Futures above $101.00/bbl as investors speculated that the European Central Bank’s monetary policy meeting later in the day could cut interest rates to stimulate economic growth.
By 9:15 GMT, August Brent crude had hit a high of $101.06/bbl, a gain of $1.29/bbl from Wednesday’s close of $99.77/bbl, before easing back to around $100.95/bbl.
At the same time, August NYMEX light sweet crude futures were trading around $87.80/bbl, having hit a high of $87.88/bbl, a gain of 22 cents/bbl from the previous close on Tuesday ahead of the Independence Day holiday of $87.66/bbl.
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