NYMEX crude falls on expectations of Saudi Arabia output hike

13 June 2011 11:41  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures lost more than $1/bbl on Monday to take the front month July contract below $99/bbl on the back of expectations that OPEC’s largest crude producer Saudi Arabia will increase production despite the cartel earlier failing to agree to raise output.

According to various media reports, Riyadh will raise output to 10m bbl/day in July.

By 10:00 GMT, July NYMEX crude had hit a low of $98.18/bbl, a loss of $1.11/bbl from the Friday close of $99.29/bbl, before recovering to around $98.22/bbl.

At the same time, July Brent crude on ICE Futures was trading around $118.47/bbl, having hit a low of $118.10/bbl, a loss of $0.68/bbl from the previous close.

By: Kawai Wong
+44 20 8652 3214

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