US crude futures fall $1.94/bbl on OPEC concerns

HOUSTON (ICIS news)--US West Texas Intermediate (WTI) for September delivery was down $1.94/bbl on Tuesday to $72.95/bbl on the NYMEX, due to speculative selling after OPEC voiced concerns high oil prices could slow down the global economy.

The group said it was ready to increase oil supplies. By 12:00 noon (EDT), WTI had rebounded slightly and was trading at $73.15/bbl, down $1.74.

Gasoline prices have been under pressure on sentiment that higher refinery operations in the US would result in rising supplies, to be revealed in the weekly inventory report from the Department of Energy (DoE).

On the NYMEX, RBOB (reformulated blendstock of oxygenate blending) for August delivery was trading down 6.41 cents/gal at 2.04 cents/gal.

Meanwhile, WTI fell from a session high of $74.20/bbl to $72.95/bbl

At the same time, Brent crude on ICE Futures for September delivery also fell and was trading at $75.23/bbl, down $1.63.

< previous article(ICIS Chemical Business podcast November 2, 2009)

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