Crude drops by $1/bbl on strong dollar, US oil stocks

16 November 2010 12:14  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell more than $1/bbl on Tuesday to take Brent crude on ICE Futures below $86.00/bbl on the back of a stronger US dollar against the euro and expectations that the US weekly inventory data, scheduled to be released later in the week, would show increases in oil stocks.

By 11:40 GMT, January Brent crude had hit a low of $85.64/bbl, a loss of $1.12/bbl from the Monday close of $86.76/bbl, before recovering to around $85.80/bbl.

At the same time, December NYMEX light sweet crude futures was trading around $83.65/bbl, having hit a low of $83.56/bbl, a loss of $1.30/bbl from the previous close.

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By: Giovanni Coiro
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