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 ?xml:namespace>
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.
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