US crude futures plunge $3.10/bbl on weak euro, equities

04 June 2010 20:24  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for July delivery settled at $71.51/bbl on Friday, down $3.10 compared with Thursday’s close while tracking a sell-off in the stock market and the euro hitting a four-year low versus the dollar.

The European debt crisis and a much lower-than-expected jobs report for May triggered a sell-off across the energy complex, with natural gas the only bright spot.

After rising to $75.42/bbl, the front-month crude contract fell steadily during the normal NYMEX floor session, establishing a low of $71.32/bbl before settling just off the bottom of the range.

The downside momentum rolled onto electronic trading afterwards, and July crude dropped to $70.79/bbl before attempting to consolidate.

July ICE Brent traded down to $71.48/bbl after settling at $72.09/bbl, down $3.32.

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By: Ignacio Sotolongo
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