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.

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By: Ignacio Sotolongo
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