Brent crude falls $1 on weak US gasoline market

11 July 2007 19:52  [Source: ICIS news]

LONDON (ICIS news)--Brent crude ICE futures prices fell by more than a dollar on Wednesday to well below $76.00/bbl on the back of a weak US gasoline market.

The weekly US stock data had revealed an unexpected draw on crude stocks, which helped West Texas Intermediate (WTI) hold up better than its counterpart, but gasoline tumbled after showing a larger-than-anticipated build, wiping out earlier gains.

By 18:30 GMT, August Brent crude had hit a low of $75.37/bbl, a loss of $1.03 from the Tuesday close of $76.40, before recovering to around $76.45.

At the same time, August NYMEX crude was trading around $72.55/bbl, having hit a low of $72.08, a loss of 73 cents from the previous close, much earlier in the day before the statistics appeared.

By: Tony Dillon
+44 20 8652 3214

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