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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections