NYMEX crude falls $1/bbl on currency issues
24 April 2008 10:18 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $1/bbl on Thursday to take the front month June contract close to $107.00/bbl as the euro continues to lose ground against the US dollar.
By 8:20 GMT, June NYMEX crude had hit a low of $117.12/bbl, a loss of $1.18/bbl from Wednesday’s close of $118.30/bbl, before recovering to around $117.25/bbl.
At the same time, June Brent crude on
The euro had come off on Wednesday from a record just above $1.60, due to concerns about a slowdown in the region.
The currency lost further ground on Thursday after a German business indicator, the Ifo Business Climate Index, fell to its lowest since 2006.
The weak US dollar has been one of the main drivers of crude oil prices and its gain has contributed to the latest drop, adding to the downward pressure from bearish US stock data released on Wednesday and showing a larger than expected build on crude oil stocks.
A strong euro had been contributing to the upside from supply disruptions in
Two further explosives attacks by Nigerian militants on a pipeline feeding the Bonny terminal on Monday led to the Shell Group declaring force majeure on loadings through to the end of May.
By: Giovanni Coiro
+44 20 8652 3214
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