16 October 2008 21:16 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled at $69.85/bbl on Thursday, down $4.69 in response to the weekly US supply statistics that showed a much greater-than-forecast build in crude and gasoline inventories.
Even though the stock market gave back earlier losses and moved into positive ground, the US dollar gained against the euro, providing additional downside acceleration. Crude prices have been under pressure from recession fears and declining demand.
Also triggering a wide sell-off across commodities was a report from the Federal Reserve showing ?xml:namespace>
During the session, November crude established a high of $74.50/bbl partially responding to the announcement that OPEC had advanced its emergency meeting from November to 24 October presumably to cut production in order to support prices.
The sell-off then drove the front month down to $68.57/bbl before rebounding on bargain hunting.
The November ICE Brent contract which expired at the end of the session fell to $65.45/bbl before settling at $66.32/bbl, down $4.48 from Wednesday. December Brent bottomed out at $66.37/bbl and settled at $67.84/bbl, down $4.74.
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