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.?xml:namespace>
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 ?xml:namespace>
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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections