US crude plunges $1.24/bbl on strong dollar

15 August 2008 20:55  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for September delivery closed at $113.77/bbl, down $1.24 versus Thursday’s close, in response to the US dollar hitting a six-month high versus the euro.

The market also responded to crude options expiring, with put options seen positioned at $5 increments from $120.00/bbl downwards.

September crude sold to $111.34/bbl, down $3.67 before staging a healthy rebound on late profit taking.

ICE Brent for October delivery closed at $112.55/bbl, down $1.13 from Thursday.

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By: Ignacio Sotolongo
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