NYMEX WTI drops $1/bbl on Cushing oversupply, weaker euro

13 May 2010 14:11  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell more than $1/bbl on Thursday to take the front month June contract close to $74/bbl on the back of an oversupply situation at Cushing and a weaker euro against the US dollar.

By 12:55 GMT, June NYMEX crude had hit a low of $74.01/bbl, a loss of $1.64/bbl from the Wednesday close of $75.65/bbl, before recovering to around $74.40/bbl.

At the same time, June Brent crude on ICE Futures was trading around $80.45/bbl, having hit a low of $80.18/bbl, a loss of $1.02/bbl from the previous close.

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By: Giovanni Coiro
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