US crude futures plunge $2.93/bbl as commodities slide

12 November 2010 20:53  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for December delivery settled at $84.88/bbl on Friday, down $2.93 from Thursday after correcting from overbought conditions ahead of the weekend.

A number of commodities fell broadly on expectations that China wouldhike interest rates in order to cool down demand.

The US dollar responded by rallying against a basket of currencies while the stock market dropped.

Earlier in the week, December crude climbed to a 25-month high of $88.63/bbl and appeared in need of a correction.

The sell-off on Friday drove the front month down to an intra-day low of $84.52/bbl, a decline of $3.29 versus the previous close before settling off the bottom of the range.

December ICE Brent also sold down sharply to establish a low of $85.76/bbl before closing at $86.34/bbl, down $2.47.

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By: Ignacio Sotolongo
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