Brent softens to around $76 on likely stock build

24 July 2007 10:58  [Source: ICIS news]

LONDON (ICIS news)--Crude prices fell by more than a dollar on Tuesday to take Brent crude on ICE Futures to below $76/bbl ahead of Wednesday’s US weekly stats which were expected to show a build in fuel stocks.

The losses were also attributed to OPEC’s comments over the weekend on its concerns high oil prices could affect the global economy.

By 09:20 GMT, September Brent crude had hit a low of $75.75/bbl, a loss of $1.11 from the Monday close of $76.86, before recovering to around $76.00.

At the same time, September NYMEX crude was trading around $74.05/bbl, having hit a low of $73.92, a loss of $0.97 from the previous close.

By: Giovanni Coiro
+44 20 8652 3214

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