20 March 2012 15:17 [Source: ICIS news]
LONDON (ICIS)--Crude oil futures fell by over $2.00/bbl on Tuesday after ?xml:namespace>
By 13:55 GMT, the front-month May ICE Brent contract fell to an intraday low of $123.20/bbl, a loss of $2.51/bbl compared with Monday's settlement. The contract subsequently edged higher to trade around $123.63/bbl. The April contract will expire later on Tuesday.
At the same time, the front-month April NYMEX contract hit an intraday low at $106.06/bbl, a loss of $2.03/bbl compared with Monday's close.
Supply concerns in the physical crude oil markets were showing signs of easing on Tuesday. According to media reports,
Further supply concerns were also eased by news from Libya’s National Oil Corporation, which said oil exports will return to pre-war levels of around 1.4m bbl/day by April this year.
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