NYMEX crude drops as China increases banks’ reserve requirements

19 November 2010 15:10  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures posted losses of more than $1.00/bbl on Friday to take the front month December contract, which expires at the end of the trading day, below $81.00/bbl on reports that China had increased banks’ reserve requirements to curb inflation.

After registering gains of more the $1.00/bbl earlier in the day on the back of a weaker US dollar and easing worries over the Irish debt crisis, crude oil futures fell sharply.

By 15:00 GMT, December NYMEX crude had hit a low of $80.59/bbl, a loss of $1.26/bbl from the Thursday close of $81.85/bbl, before recovering to around $80.85/bbl.

At the same time, January Brent crude on ICE Futures was trading around $84.30/bbl, having hit a low of $84.05/bbl, a loss of $1.00/bbl from the previous close.

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By: Tony Dillon
+44 20 8652 3214

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