US crude futures sink $4.53 to close at $105.68

17 March 2008 19:45  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery settled at  $105.68/bbl, down $4.53 from Friday on the back of a wide commodity sell-off sparked by fears of a financial crisis and a credit crunch.

Overnight, the front month established a record high of $111.80/bbl in response to a weaker US dollar but sold down to $103.60/bbl during floor trading before staging a late rebound on profit taking.

May ICE Brent also fell under the massive length liquidation, plunging to $99.50/bbl before settling at $101.75/bbl, down $4.35/bbl.

Heating oil for April delivery lost 8 cents to close at $3.07/gal; while same-month gasoline reformulated blending for oxygenate blendstock (RBOB) lost 18 cents to close at $2.50/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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