Brent down $1/bbl on prediction of US stock hike

12 February 2008 13:36  [Source: ICIS news]

LONDON (ICIS news)--Crude prices fell by more than $1/bbl on Tuesday to take Brent crude on ICE Futures close to $92/bbl on the back of expectations of an increase in oil stocks in the US.

By 12:50 GMT, March Brent crude had hit a low of $92.08/bbl, a loss of $1.45/bbl from the Monday close of $93.53/bbl, before recovering to around $92.42/bbl.

At the same time, March NYMEX light sweet crude futures was trading around $92.50/bbl, having hit a low of $92.06/bbl, a loss of $1.53/bbl from the previous close.

US weekly statistics out on Wednesday were expected to show that crude inventories increased by more than 2m bbl.

The losses, however, were limited as the current dispute between Venezuela and the US was keeping the market well above $90/bbl.

Prices had spiked after reports of threats from Venezuelan President Hugo Chavez to halt exports to the US.

Chavez was responding to a court decision won by ExxonMobil which allowed the oil giant to freeze billions of overseas Venezuelan assets.

By: Giovanni Coiro
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly