New York crude hits 11-month peak above 76 dollars

LONDON (AFP) – The price of New York crude struck a fresh 11-month high point on Friday, above 76 dollars a barrel, owing to tight US supplies, while London’s Brent oil traded close to its historic high.

New York’s main oil futures contract, light sweet crude for delivery in August, surged to 76.13 dollars per barrel — the highest since early August 2006. Later Friday it stood at 75.79 dollars, down 13 cents from Thursday.


In London, Brent North Sea crude for September delivery eased four cents to 77.63 dollars per barrel after a peak of 77.98.

The August contract had struck 78.40 dollars on Monday, close to Brent’s all-time high of 78.64.

“In our view, the oil market is highly overheated at present, irrespective of some news that has favoured prices,” Commerzbank analysts said.

“The actual shortage is being overestimated by market players,” they added in a research note.

AFP