US crude falls by over $5/bbl as retreat continues

08 July 2008 15:30  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $5/bbl on Tuesday to take the front month August contract to $136/bbl as the markets continued to retreat from the record highs posted before the US Independence Day holiday weekend.

 

By 14:15 GMT, August NYMEX crude had hit the low of $136.00/bbl, a loss of $5.37/bbl from the Monday close of $141.37/bbl, before recovering to around $137.00/bbl.

 

At the same time, August Brent crude on London’s ICE Futures was trading around $137.35/bbl, having hit a low of $136.57/bbl, a loss of $5.30/bbl from the previous close.

 

A reduced threat by hurricane Bertha to the US Gulf oil and gas infrastructure, plus a stronger US dollar were among the reasons given for the wave of profit-taking selling.

 

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By: Tony Dillon
+44 20 8652 3214

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