Crude up $1/bbl on ECB's pledge to prevent eurozone collapse

26 July 2012 12:35  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Thursday to take Brent crude on ICE Futures above $105.00/bbl as the European Central Bank (ECB) president pledged to do whatever was necessary to protect the eurozone from collapse.

Mario Draghi told an investment conference on Thursday: "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough."

By 11.16 GMT, September Brent crude had hit a high of $105.66/bbl, a gain of $1.28/bbl from Wednesday’s close of $104.38/bbl, before easing back to around $105.25/bbl.

At the same time, September NYMEX light sweet crude futures were trading around $89.85/bbl, having hit a high of $90.15/bbl, a gain of $1.18/bbl from the previous close of $88.97/bbl.

By: Neha Popat
+44 208 652 3214

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