11 August 2010 20:39 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for September delivery closed at $78.02/bbl on Wednesday, down $2.23 from Tuesday in response to weekly supply statistics from the Energy Information Administration (EIA) showing a much greater-than-forecast build in refined products.
The build overshadowed a greater-than-expected drawdown in crude stocks.
The losses followed an earlier sell-off in the stock market and a rally in the US dollar, in response to reports highlighting reduced growth across global economies.
With the build in gasoline inventories leading the market down, oil futures plunged to $77.69/bbl, down $2.56, before recouping a portion of the losses.
The market was also keeping an eye on a tropical depression in the Gulf of Mexico and its potential impact on energy installations.
September ICE Brent bottomed out at $77.30/bbl before rebounding to close at $77.64, down $1.96.
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