Crude stages pre-weekend recovery after two days of heavy losses

22 February 2013 10:18  [Source: ICIS news]

LONDON (ICIS)--Crude prices bounced back by more than $1.00/bbl on Friday to take Brent crude on ICE Futures close to $115.00/bbl following two days of heavy losses based on large US stock builds, higher Saudi production, reports of a large hedge fund liquidating positions and a firmer dollar.

By 10:00 GMT, April Brent crude had hit a high of $114.79/bbl, a gain of $1.26/bbl from Thursday’s close of $113.53/bbl, before easing back to around $114.45/bbl.

At the same time, April NYMEX light sweet crude futures were trading around $93.15/bbl, having hit a high of $93.48/bbl, a gain of 64 cents/bbl from the previous close of $92.84/bbl.

By: Tony Dillon
+44 20 8652 3214

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