US crude futures plunge $1.31 on firm dollar and weak equities

08 December 2009 21:15  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for January delivery settled at $72.62/bbl on Tuesday, down $1.31 versus Monday’s close, in response to a stronger dollar and a sell-off in the stock market.

Earlier in the day, the Energy Information Administration (EIA) lowered its forecast for global oil demand in 2010 and raised its forecast for OPEC’s oil production as well as output from non-OPEC producers.

January crude extended four days of negative settlements, plunging to $72.51/bbl before recouping a portion of the losses ahead of the closing bell. This is the lowest level since panic selling drove the front month down to $72.39/bbl on 27 November in response to the Dubai World crisis.

ICE Brent for January delivery sold down to $75.15/bbl before rebounding to close at $75.19/bbl, down $1.24.

To discuss issues facing the chemical industry go to ICIS connect

By: Ignacio Sotolongo
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly