Oil down $1 on predicted rise in US crude stocks, stronger dollar

09 March 2010 11:12  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures fell more than $1/bbl on Tuesday as forecasts of a rise in US crude inventories and a firmer dollar offset upbeat economic sentiment which had helped push prices to eight-week highs in the previous session. 

At 10:30 GMT, April Brent on London’s ICE futures was trading at $79.52/bbl, down 95 cents/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $79.33/bbl, down $1.14/bbl.

At the same time, April NYMEX light sweet crude futures were trading at $80.96/bbl, down 91 cents/bbl from the previous close. Earlier, the US benchmark contract fell to an intra-day low of $80.86/bbl, down $1.01/bbl.

Initial forecasts for the weekly US inventory data were for another large build in crude stocks which would be the sixth consecutive increase. Gasoline inventories were also expected to rise by a more modest amount while distillate stocks were expected to fall.

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By: James Dennis
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