US crude falls $2.79/bbl on strong dollar, euro zone worries

14 May 2010 20:30  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for June delivery settled at $71.61/bbl on Friday, down $2.79 versus Thursday’s close, as the euro fell to 18-month lows against the dollar on worries that the euro zone rescue package would stifle the global economic recovery.

The stock market tumbled in spite of the release of a series of constructive economic data such as a rise in retail sales, a pick-up in consumer confidence and an increase in industrial production in April that beat expectations.

Prices had been under pressure since the release of the weekly supply statistics from the Energy Information Administration (EIA), which showed another build in crude inventories.

June crude sold down to $70.83/bbl, down $3.57, before experiencing another wild ride ahead of the closing bell.

ICE Brent for June delivery went off the board at the end of the session, and the contract also sold down sharply to $76.80/bbl before settling at $77.18.bbl, down $2.93.

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By: Ignacio Sotolongo
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