US crude plunge $2.79 on gloomy jobs data

01 February 2008 20:35  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for March delivery settled on Friday at $88.96/bbl, down $2.79, mainly in response to a negative US jobs report from the Labor Department, reinforcing the possibility of an economic slowdown.

The sell-off overshadowed OPEC’s decision in Vienna earlier in the day to leave crude output unchanged for the time being but to revisit market conditions in March.

After establishing a session high of $91.30/bbl, March crude sank to $88.50/bbl, down $3.25 before giving back a portion of the losses on pre-weekend profit-taking.

ICE Brent for March delivery closed at $89.44/bbl, down $2.77, after bottoming out at $88.95/bbl.

Refined products also tumbled on the first day for March contracts. Heating oil for February delivery lost 7.41 cents/gal to close at $2.46/gal. Same month gasoline reformulated blendstock for oxygenate blending (RBOB) lost 6.92 cents/gal to close at $2.29/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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