Crude oil futures continued their blistering record-setting run in London trade Tuesday, climbing to new heights as supply concerns, a weaker dollar and a bullish technical outlook again propelled prices upwards.
ICE Brent crude breached $115 a barrel for the first time on record, while Nymex light, sweet crude futures traded above $118 a barrel, also a first. "We still have an undercurrent of bullish news in the market - the (U.K. refinery) strike at Grangemouth and the ongoing unrest in Nigeria are the main features, but we still feel that the desire of traders to own oil as it looks strong technically is still the force that is driving prices regularly to all time highs," said Glen Ward, energy broker at ODL Securities in London.
At 0919 GMT, the front-month June Brent contract on London's ICE futures exchange was up 35 cents at $114.78 a barrel, having touched a new high of $115.03 a barrel earlier.
The front-month May light, sweet, crude contract on the New York Mercantile Exchange was trading 42 cents higher at $117.90 a barrel and just off a new high at $118.05 a barrel. The May contract expires later Tuesday.
The ICE's gasoil contract for May delivery was up $10 at $1,067 a metric ton, while Nymex gasoline for May delivery was up 101 points at 298.92 cents a gallon.