NYMEX crude rises above $99/bbl

19 February 2008 19:05  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $3.00/bbl on Tuesday to take the front month March contract above $99.00/bbl.

The gains followed reports that the leader of a Nigerian militant group had been shot dead, leading to concerns of further sabotage attacks to disrupt production and exports of crude from the troubled OPEC member.

Prices had already posted sharp gains earlier in the day fuelled by a weak US dollar, problems at a large Texas refinery and concerns over exports from Venezuela and Russia.

By 18:15 GMT, March NYMEX crude had hit a high of $99.08/bbl, a gain of $3.58/bbl from the pre-holiday Friday close of $95.50/bbl, before easing back to around $98.85/bbl.

At the same time, April Brent crude on ICE Futures was trading around $97.60/bbl, having hit a high of $97.68/bbl, a gain of $2.77/bbl from the Monday close.

($1=€0.68)

ICIS Copyright © Reed Business Information 2009

Author: Tony Dillon
+44 20 8652 3214

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