Crude falls almost $3/bbl on US stock build

21 February 2008 18:22  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by almost $3.00/bbl on Thursday to take the front-month April contract down below $97.00/bbl after the weekly US stock figures revealed a larger-than-expected build on crude.

Earlier support from a larger-than-anticipated draw on distillates, which had recouped losses posted when the statistics first appeared, collapsed under a renewed bout of aggressive selling.

By 18.05 GMT, April NYMEX crude had hit a low of $96.87/bbl, a loss of $2.83/bbl from the Wednesday close of $99.70/bbl, before recovering to around $97.25/bbl.

At the same time, April Brent crude on ICE Futures was trading around $95.75/bbl, having hit a low of $95.51/bbl, a loss of $2.91/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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