US crude futures plunge $3.84 on strong dollar, weak stock market

04 February 2010 20:39  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for March delivery settled at $73.14/bbl on Thursday, down $3.84 compared with Wednesday’s close in response to a surge in the value of the US dollar versus the euro and a plunge in the stock market.

Growing concerns over the debt of some European countries pressured the euro and triggered a round of length liquidation across various dollar-priced commodities. Meanwhile, a rise in jobless claims applications drove the stock market sharply lower.

March crude bottomed out at $72.42/bbl, down $4.56, before staging a slight rebound on short covering ahead of the closing bell.

ICE Brent for March delivery sold down to $71.43/bbl and settled at $72.13/bbl, down $3.79.

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By: Ignacio Sotolongo
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