Nymex Increases Premium On Qua Iboe For Delivery Against Light, Sweet Crude Futures

The New York Mercantile Exchange board of directors has approved raising the premium for delivery of Qua Iboe crude oil against the light, sweet crude oil futures contract to $.15 per barrel from $.05 per barrel.

The rule has been submitted for approval by the Commodity Futures Trading Commission and is expected to take effect with the delivery of the September 2002 contract.

The differential for delivery of the other foreign crude oils will remain unchanged, with buyers receiving discounts of $.30 per barrel for delivery of Brent Blend, Forties Blend and Oseberg Blend, and sellers receiving a premium of $.15 per barrel of Cusiana and Bonny Light.