May US crude sinks $1.96 on profit-taking

28 March 2008 19:31  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for May delivery dropped by $1.96 to settle at $105.62/bbl on Friday as market speculators took profit ahead of the weekend.

Reports that oil was already back to flowing at near normal rates at a sabotaged Iraqi oil pipeline sparked the selling. A temporary firming of the US dollar also provided downside momentum.

May crude fell to $104.90/bbl after establishing an early high of $106.55/bbl but attracted some late buying off the bottom.

May ICE Brent also lost ground but continued to lag behind the US benchmark, bottoming out at $103.05/bbl before settling at $103.77/bbl, down $1.23/bbl.

By: Ignacio Sotolongo
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