03 August 2011 21:35 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for September delivery extended recent losses to four consecutive sessions, settling at $91.93/bbl on Wednesday, down $1.86, in response to the weekly supply statistics from the Energy Information Administration (EIA) showing an across-the-board build in crude and refined products inventories.
Following the final agreement by US leaders on the national debt ceiling, markets are now factoring in potential austerity measures and cuts in spending, which could prevent the economy from expanding.
September crude plunged to $91.22/bbl, down $2.57 versus the previous close, before the stock market rebounded and erased a portion of the losses.
ICE Brent weakened further than its American counterpart, bottoming out at $112.84/bbl before settling for September at $113.23/bbl, down $3.23.
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