Brent down over $1/bbl ahead of US stock figures

21 February 2008 15:04  [Source: ICIS news]

LONDON (ICIS news)--Prices fell by more than $1/bbl on Thursday to take Brent crude on London’s ICE Futures to below $97.00/bbl due to the market expecting the US statistics to show builds on crude and gasoline stocks.

 

By 14.30 GMT, April Brent crude had hit a low of $97.37/bbl, a loss of $1.05/bbl from the Wednesday close of $98.42/bbl, before recovering to around $97.50/bbl.

 

At the same time, April NYMEX light sweet crude futures were trading around $98.85/bbl, having hit a low of $98.64/bbl, a loss of $0.85/bbl from the previous close.

 

Analysts were expecting the US weekly statistics out by 15:30 GMT to show a 2.3m bbl build on crude stocks, 1.1m bbl on gasoline and a draw of 1.7m bbl on distillate.

By: Giovanni Coiro
+44 20 8652 3214

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