Crude falls further after IEA announcement of reserve release

24 June 2011 17:03  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell more than $2/bbl on Friday to take Brent crude on ICE Futures close to $105/bbl after several investment banks downgraded their price forecasts following the IEA's decision to release 60m barrels of oil from reserves.

By 15:40 GMT, August Brent crude had hit a low of $105.04/bbl, a loss of $2.22/bbl from Thursday’s close of $107.26/bbl, before recovering to around $105.65/bbl.

At the same time, August NYMEX light sweet crude futures was trading around $90.70/bbl, having hit a low of $90.35, a loss of $0.67 from the previous close.

By: Tony Dillon
+44 20 8652 3214

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