EURUSD
SINGAPORE (AFX) - Crude oil prices surged to fresh record highs in morning trade here with the benchmark New York contract moving above 59 usd a barrel before easing slightly, dealers said.
They noted that the market continued to focus on ongoing global supply worries and security concerns in OPEC-member Nigeria which had sparked the sharp uptick in New York last week.
At 9:55 am, New York's main contract, light sweet crude for July delivery, was at 58.95 usd a barrel, up 43 cents from its all-time high closing price of 58.47 usd in the United States on Friday.
The contract briefly touched 59.18 usd early on in the local session.
In New York Friday the July contract briefly hit 58.60 usd a barrel, eclipsing the April 4 record of 58.28 usd before eventually closing at 58.47, its highest ever closing mark.
Daniel Hynes, a commodities analyst with ANZ bank in Melbourne, Australia, said prices were likely to break through 60 usd a barrel this week.
"I could see it happening over the next couple of days. It certainly has the momentum and it looks like it has the will to get over it," he said.
kma/dv/m
Copyright AFX News. Any extraction and re-distribution of information in any form, electronic or otherwise is strictly forbidden. Neither the hosting company nor AFX News warrants the suitability of the service as a trading aid and neither accepts any liability for losses howsoever incurred by clients.
SINGAPORE (AFX) - Crude oil prices surged to fresh record highs in morning trade here with the benchmark New York contract moving above 59 usd a barrel before easing slightly, dealers said.
They noted that the market continued to focus on ongoing global supply worries and security concerns in OPEC-member Nigeria which had sparked the sharp uptick in New York last week.
At 9:55 am, New York's main contract, light sweet crude for July delivery, was at 58.95 usd a barrel, up 43 cents from its all-time high closing price of 58.47 usd in the United States on Friday.
The contract briefly touched 59.18 usd early on in the local session.
In New York Friday the July contract briefly hit 58.60 usd a barrel, eclipsing the April 4 record of 58.28 usd before eventually closing at 58.47, its highest ever closing mark.
Daniel Hynes, a commodities analyst with ANZ bank in Melbourne, Australia, said prices were likely to break through 60 usd a barrel this week.
"I could see it happening over the next couple of days. It certainly has the momentum and it looks like it has the will to get over it," he said.
kma/dv/m
Copyright AFX News. Any extraction and re-distribution of information in any form, electronic or otherwise is strictly forbidden. Neither the hosting company nor AFX News warrants the suitability of the service as a trading aid and neither accepts any liability for losses howsoever incurred by clients.
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