Crude extends gains on ECB meeting, Norwegian strike

05 July 2012 11:19  [Source: ICIS news]

LONDON (ICIS)--Crude prices extended gains to more than $2.00/bbl on Thursday to take Brent crude on ICE Futures above $102.00/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.

Prices were further supported by news that Norwegian oil industry employers had decided to lockout striking oil workers from 10 July. However, the Norwegian government is now likely to intervene.

By 9:45 GMT, August Brent crude had hit a high of $102.25/bbl, a gain of $2.48/bbl from Wednesday’s close of $99.77/bbl, before easing back to around $101.80/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $88.40/bbl, having hit a high of $88.77/bbl, a gain of $1.11/bbl from the previous close on Tuesday ahead of the Independence Day holiday of $87.66/bbl.

By: Tony Dillon
+44 20 8652 3214

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