Crude falls further on potential reserve stocks release

29 March 2012 15:43  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell by more than $1.00/bbl on Thursday to take the front-month May WTI contract close to $104.00/bbl, on continued reports that International Energy Agency (IEA) member countries are considering releasing oil stocks from strategic reserves in an effort to cap rising oil prices.

A firmer US dollar added further downward pressure.

By 14:15 GMT, May NYMEX crude had hit a low of $104.09/bbl, a loss of $1.32/bbl from the Wednesday close of $105.41/bbl, before recovering to around $104.20/bbl.

At the same time, May Brent crude on ICE Futures was trading around $123.40/bbl, having hit a low of $123.30/bbl, a loss of 86 cents/bbl from the previous close of $124.16/bbl.

By: Tony Dillon
+44 20 8652 3214

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