01 February 2011 20:47 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for March delivery settled at $90.77/bbl, down $1.42 on Tuesday, on sentiment that Egyptian unrest had been factored in and the market was ready for a correction.
Reports that the Egyptian president will meet the demands of protesters and will not run during the next election was expected to have a calming effect on the crisis.
The dollar lost ground versus the euro, keeping the losses in check.
March crude established an intra-day low of $90.48/bbl, down $1.71, before settling just off the bottom of the range.
The March ICE Brent contract, however, continued to attract investors and remained in positive territory, establishing a high of $102.08/bbl before closing at $101.74, up 73 cents.
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