US crude falls $4.82 on economy, stronger dollar

08 August 2008 21:12  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for September delivery settled on Friday at $115.20/bbl, down $4.82 versus Thursday’s close, as the dollar surged against major currencies, and the market focused on the slowing economy.

September crude established an early high of $120.08/bbl, but aggressive selling drove it down to a three-month low $115.00/bbl before settling on the NYMEX floor near the bottom of the range.

During electronic trading afterwards, the front month continued to slide, hitting a low of $114.70/bbl.

The market’s momentum has switched to the downside and ignored various geopolitical issues such as Russia’s military move into Georgia as well as a Turkish pipeline disruption.

Crude prices have fallen $32.00/bbl since peaking at a record $147.27/bbl on 11 July.

ICE Brent for September bottomed out at $113.12/bbl and settled at $113.33/bbl, down $4.53.

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By: Ignacio Sotolongo
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