US crude falls $1.52 on stronger dollar, pre-weekend selling

19 March 2010 19:48  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for April delivery settled at $80.68/bbl on Friday, down $1.52 versus Thursday’s close, driven mainly by a stronger dollar and booksquaring ahead of contract expiration.

April crude topped out at $82.17/bbl before capping the rally and aggressive selling entered the market. An intra-day low of $79.86/bbl was established at which point the dip attracted buying. The April crude contract goes off the board on Monday.

Commodities and equities continue to respond to a seesawing dollar, with crude prices responding accordingly as investors shift their views about risk taking.

ICE Brent for May delivery sold down to $79.20/bbl and settled at $79.88/bbl, down $1.60.

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By: Ignacio Sotolongo
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