03 May 2012 15:05 [Source: ICIS news]
LONDON (ICIS)--NYMEX light sweet crude futures fell by more than $1.00/bbl on Thursday after OPEC's secretary general said the group was currently producing about 2.3m bbl/day in excess of its target of 30m bbl/day in an effort to cap prices.
The decrease took the front-month June WTI contract close to $104.00/bbl.
Wednesday’s US stock data showing a larger build on crude than forecast and ongoing concerns over the global economy added to the downward pressure.
By 13:30 GMT, June NYMEX crude had hit a low of $104.10/bbl, a loss of $1.12/bbl from the Wednesday close of $105.22/bbl, before recovering to around $104.15/bbl.
At the same time, June Brent crude on ICE Futures was trading around $117.70/bbl, having hit a low of $117.46/bbl, a loss of 74 cents/bbl from the previous close of $118.20/bbl.
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