US crude futures fall 32 cts to hit $105.15/bbl

07 March 2008 21:07  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery settled on Friday at $105.15/bbl, down 32 cents, following an extremely volatile session.

In spite of the dollar hitting a new low versus the euro, the market sold down to $104.15/bbl, following a report from the US Labor Department showing two straight months of job losses.

The dip attracted speculative buying, driving the front month crude contract up to a fresh all-time high of $106.54/bbl.

Once the upside momentum ran out of steam, prices eased ahead of the weekend. Selling accelerated to establish a new intra-day low of $104.05/bbl before recovering $1.00 ahead of the settle.

April ICE Brent followed the trend, falling to $101.36/bbl and surging to a record high of $103.98/bbl before giving back most of the gains and rebounding again to close at $102.38.bbl, down 23 cents.

Reformulated blendstock for oxygenate blending (RBOB) for April delivery gained 4 cents/gal to settle at $2.69/gal. Same-month heating oil lost 3 cents/gal to close at $2.95/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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