US crude futures retreat $1.47/bbl on stock market weakness

24 August 2010 20:16  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for September delivery finished down for the fifth consecutive session on Tuesday, closing down $1.47 at $71.63/bbl while following another sell-off in the stock market.

A report showing a much greater-than-expected fall in home sales was viewed as a signal of slow economic recovery, dragging energy demand down at a time when oil inventories were at all-time highs, as revealed by the previous week’s Energy Information Administration (EIA) supply statistics.

Crude oil futures plunged to $71.45/bbl, down $1.65, before rebounding.

October ICE Brent bottomed out at $72.12/bbl before rebounding to close at $72.38, down $1.24.

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By: Ignacio Sotolongo
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