04 August 2011 21:12 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for September delivery extended recent losses to five consecutive sessions, settling at $86.63/bbl on Thursday, down $5.30, tracking a massive sell-off in the stock market and a firm dollar.
Unfavourable economic data and penetration of key technical barriers triggered length liquidation in equities as well as across the energy complex.
The downside momentum overshadowed an earlier report showing a dip in jobless claims during the previous week and an improvement in retail sales in the US.
Adding to the pressure, forecasters of global oil demand were seen revising downward the estimates of demand growth in response to the economic slowdown.
The market was still factoring in Wednesday’s weekly supply statistics from the Energy Information Administration (EIA), which showed an across the board build in crude and refined products inventories.
September crude plunged to $86.04/bbl, down $5.89 versus the previous close, before the dip was finally viewed as a buying opportunity.
ICE Brent bottomed out at $107.20/bbl, down $6.03, before settling in September at $107.25/bbl, down $5.98.
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