US crude down $2.87/bbl on proposed Libyan ceasefire

11 April 2011 21:34  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for May delivery settled at $109.92/bbl, down $2.87/bbl, as Libyan leader Moammar Gadhafi appears to be working towards a ceasefire with opposing forces.

The decline also comes as an initial forecast for Tuesday’s American Petroleum Institute (API) inventory data calls for a slight build in crude stockpiles.

Prices surged before the weekend to $112.79/bbl, which was also supported by the uprising and protests across the Arab world.

May crude reached an intra-day high of $113.46/bbl early in the session before moving lower until the closing bell.

Meanwhile, May ICE Brent also came down, losing $2.67/bbl to settle at $123.98/bbl.

By: Brian Balboa
+1 713 525 2653

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