Brent falls more than $1/bbl on dollar strength

07 July 2008 11:47  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures prices fell by more than $1/bbl on Monday undermined by a stronger US dollar and profit-taking following the recent record highs.

 

However, prices still remained close to record levels well above $140/bbl amid raised geopolitical tensions after Iran announced over the weekend that it would not discuss its uranium enrichment programme.

 

At 10:24 GMT on Monday, August Brent on London ICE Futures were trading at $143.18/bbl, down $1.24/bbl on last Friday’s settlement price, having earlier fallen to a low of $142.62/bbl, down $1.80/bbl

 

At the same time, August NYMEX light sweet crude futures traded at $142.73/bbl, down $2.56/bbl on last Thursday’s settlement level. Earlier it hit a low of $142.01/bbl, down $3.28/bbl.

 

There was no floor trading and therefore settlement price for NYMEX light sweet crude futures on Friday due to the Independence Day holiday in the US.

 

The US dollar strengthened close to €0.6400, rebounding from two lows hit last week which had helped trigger record high crude prices reached on Thursday.

 

To discuss issues facing the chemicals industry visit ICIS connect

By: James Dennis
+65 6780 4359

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