Crude futures drop $3/bbl on weak equities, strong US dollar

20 May 2010 15:52  [Source: ICIS news]

LONDON (ICIS news)--Crude prices fell by more than $3/bbl on Thursday to take Brent crude on the ICE futures exchange to below $71/bbl as a result of losses in the equity markets and a weakening euro against the US dollar.

By 14:20 GMT, July Brent crude hit a low of $70.20/bbl, down $3.49/bbl from the previous close of $73.69/bbl, before recovering to around $70.35/bbl.

At the same time, the June NYMEX light sweet crude futures contract, which was due to expire at the end of the day, was trading around $67.60/bbl, having hit a low of $67.55, down $2.28/bbl from the previous close.

Read Paul Hodges’ Chemicals and the Economy blog
To discuss issues facing the chemical industry visit ICIS connect

By: Giovanni Coiro
+44 20 8652 3214

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.

Printer Friendly