Market Movement

Crude futures prices push record levelsThe next-month futures contract for benchmark US light, sweet crudes hit a 13-year high of $38.35/bbl on Mar. 17 before closing at $38.18/ bbl, up 70¢ for the day on the New York Mercantile Exchange, as traders ignored a build in US crude inventories to focus on an unexpected drop in gasoline stocks.This quarter will record the highest average NYMEX price for benchmark US crudes "since futures trading began in 1983," predicted Paul Horsnell, head of energy research, Barclays Capital Inc., London. "The current month may also record the highest single-month average."The current record average price for front-month benchmark US crudes is $35.92/bbl...

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