US crude plunge $3.45/bbl on strong dollar

03 June 2008 20:53  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for July delivery sank $3.45 on Tuesday to settle at $124.31/bbl after a surprising rise in factory orders for April supported the US dollar.

A warning from the US Federal Reserve that inflation could worsen as a result of a weak dollar and a statement by Kuwait’s oil minister that OPEC was ready to raise output if needed also pressured the market.

July crude rose overnight to $127.98/bbl but sank to $123.90/bbl after focusing on the dollar strength.

ICE Brent for July delivery peaked at $128.09/bbl and plunged to $124.18/bbl before settling at $124.58/bbl, down $3.44.

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By: Ignacio Sotolongo
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