US crude futures plunge $1.56/bbl on profit taking

07 October 2010 21:02  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for November delivery settled at $81.67/bbl on Thursday, down $1.56 from Wednesday after a rally in the US dollar triggered a downside correction to overbought conditions.

Crude prices had hit 5-month highs early in the session, topping out at $84.43/bbl - up $1.20 - before the buying was exhausted.

A recovery in the dollar pressured commodity prices and November crude futures sold down to $81.00/bbl, down $2.23, before rebounding ahead of the closing bell.

November ICE Brent established a low of $82.93/bbl before closing at $83.43, down $1.63.

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By: Ignacio Sotolongo
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