US crude plunges $4.56 on dollar, demand worries

02 October 2008 22:10  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Thursday at $93.97/bbl, down $4.56 on a stronger dollar and sentiment that energy demand will continue to fall in a weakened economy.

The aggressive round of selling extended the losses from the previous session.

The market will be keeping an eye on whether the US House of Representatives would eventually pass the financial rescue bill, which was approved on Wednesday by the Senate.

Overnight, November crude topped out at $100.37/bbl but the dollar rallied and commodity sellers stepped in. An intra-day low of $93.65/bbl was established before rebounding slightly.

The sell-off was extended onto electronic trading following the NYMEX close and November crude drifted lower to set a $93.56/bbl low.

ICE Brent for November delivery bottomed out at $90.26/bbl before rebounding slightly to settle at $90.56/bbl, down $4.77 from Wednesday.

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By: Ignacio Sotolongo
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