US crude plunges $3.08 on high inventories, strong dollar

24 September 2009 20:52  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for November delivery settled at $65.89/bbl on Thursday, down $3.08 versus Wednesday’s close, on follow-through selling.

The market’s weakness was extended following Wednesday’s supply data from the Energy Information Administration (EIA), showing a build in crude and refined products. A stronger dollar and a sell-off in the stock market also pressured the energy complex.

November crude sold down to a five-week low of $65.60/bbl before rebounding slightly ahead of the closing bell.

ICE Brent for November delivery bottomed out at $64.58/bbl before settling at $64.82/bbl, down $3.17.

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By: Ignacio Sotolongo
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