Crude down $1/bbl on easing Iran tension and firmer US dollar

12 March 2012 11:37  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell more than $1.00/bbl on Monday to take Brent crude on ICE Futures below $125.00/bbl as tension eased slightly between the west and Iran, while a firmer US dollar added further downward pressure.

By 10:45 GMT, April Brent crude had hit a low of $124.76/bbl, a loss of $1.22/bbl from Friday’s close of $125.98/bbl, before recovering to around $124.95/bbl.

At the same time, April NYMEX light sweet crude futures were trading around $106.45/bbl, having hit a low of $106.38/bbl, a loss of $1.02/bbl from the previous close of $107.40/bbl.

Talks on Iran's nuclear programme are due to start soon, calming fears of an imminent crisis.

By: Tony Dillon
+44 20 8652 3214

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