US crude falls $2/bbl as China plans price hikes

19 June 2008 15:12  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $2/bbl on Thursday to take the front month July contract close to $133/bbl on the back of the dollar gaining after positive unemployment data in the US and news that China will raise fuel prices.

  

By 13:45 GMT, NYMEX crude had hit a low of $133.45/bbl, a loss of $2.99/bbl from Wednesday’s close of $136.44/bbl, before recovering to around $134.10/bbl.

 

At the same time, August Brent crude on London’s ICE Futures was trading around $134.65/bbl, having hit a low of $133.10/bbl, a loss of $3.34/bbl from the previous close.

 

The US dollar extended its gains against the euro after weekly data showed a decline in jobless claims, which pushed the market down further after reports emerged China was planning to increase fuel prices by yuan (CNY) 1,000/tonne ($145/tonne).

 

Earlier in the day, prices moved up to trade in positive territory on the back of militant attacks in Nigeria which forced some production shutdowns.

 

($1 = CNY6.88)

By: Giovanni Coiro
+44 20 8652 3214

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.

Printer Friendly