Crude falls $2/bbl on firm US dollar, forecasts for oil stocks

16 November 2010 16:36  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude futures fell more than $2/bbl on Tuesday to take the front-month December contract below $83/bbl as a result of a firmer US dollar, forecasts of builds in the weekly US stock data and concerns over a possible tightening in China's monetary policy.

By 16:20 GMT, December NYMEX crude had hit a low of $82.61/bbl, a loss of $2.25/bbl from the previous close of $84.86/bbl, and was then trading around $82.65/bbl.

At the same time, January Brent crude on the ICE futures exchange was trading around $85.05/bbl, having hit a low of $85.00/bbl, which was a loss of $1.76/bbl from the previous close.

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By: Tony Dillon
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