Crude prices fall on rising US stocks

14 March 2012 16:25  [Source: ICIS news]

LONDON (ICIS)--The front-month April NYMEX WTI contract fell by more than $1.00/bbl on Wednesday after the US Energy Information Administration (EIA) published its weekly report showing a rise in US crude stocks.

By 15:37 GMT, the April WTI contract hit an intraday low at $105.65/bbl, a loss of $1.06/bbl compared with Tuesday's settlement. The contract subsequently recuperated some of the losses to trade around $106.06/bbl.

At the same time the front-month ICE Brent contract was trading around $125.95/bbl after reaching an intraday low at $125.50/bbl, a loss of 72 cents compared with the settlement on Tuesday.

US crude stocks increased by 1.8m bbl in the week to 9 March, marginally higher than the forecasted gain of 1.7m bbl.

By: Kawai Wong
+44 20 8652 3214

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