Crude drops $1/bbl on stronger dollar, bearish US stocks

05 May 2010 12:25  [Source: ICIS news]

LONDON (ICIS news)--Crude prices fell by more than $1/bbl on Wednesday to take Brent crude on London’s ICE futures exchange below $85/bbl as a result of a set of bearish weekly inventory data from the US and Greece’s debt crisis continuing to push the euro down against the US dollar.

Later in the day, the markets will be focusing on the release of the weekly stock figures from the US Energy Information Administration (EIA).

Figures from the American Petroleum Institute (API) on 4 May showed that crude oil inventories rose by more than expected.

By 11:00 GMT, June Brent crude had hit a low of $84.52/bbl, which was a loss of $1.15/bbl from the previous close of $85.67/bbl, before recovering to around $84.65/bbl.

At the same time, June NYMEX light sweet crude futures were trading around $81.50/bbl, having hit a low of $81.44/bbl, which was a loss of $1.30/bbl from the previous close.

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Author: Giovanni Corio

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