Brent up more than $1/bbl on Cyprus bailout package hopes

20 March 2013 12:32  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Wednesday to take Brent crude on ICE Futures above $108.00/bbl, bouncing back from the three-month lows seen on Tuesday, on hopes that the European Union would agree a new bailout package for Cyprus after its parliament rejected an earlier controversial proposal.

By 12:15 GMT, May Brent crude had hit a high of $108.60/bbl, a gain of $1.15/bbl from Tuesday’s close of $107.45/bbl, before easing back to around $108.35/bbl.

At the same time, April NYMEX light sweet crude futures were trading around $93.00/bbl, having hit a high of $93.13/bbl, a gain of 97 cents/bbl from the previous close of $92.16/bbl.

By: Tony Dillon
+44 20 8652 3214

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