24 March 2010 09:43 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures fell more than $1/bbl on Wednesday, undermined by the strengthening of the US dollar and an unexpectedly large build in US crude inventories.
At 09:05 GMT, May Brent on ?xml:namespace>
At the same time, May NYMEX light sweet crude futures were trading at $80.76/bbl, down $1.15/bbl from the previous close and off an intra-day low of $80.70/bbl.
The US dollar continued to strengthen against the Euro on Thursday amid ongoing worries over
Crude prices were pressured after industry data released on Tuesday by the American Petroleum Institute (API) revealed a much larger-than-expected 7.5m bbl build in crude stocks.
Meanwhile, declines in gasoline inventories were less than expected but there was a substantial decline in distillate stocks of 2.5m bbls, which had initially helped to stabilise the market late on Tuesday.
Traders now await the release of the more widely followed official
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