US crude drops by $2.68/bbl on OPEC production news

03 May 2012 21:38  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) futures for June delivery settled at $102.54/bbl on Thursday, down by $2.68/bbl versus the previous close, following a recent stock build and news of increased production overseas.

The weaker settlement comes after Wednesday’s government-reported build in domestic stockpiles, and after OPEC's secretary general said on Thursday the group was  producing about 2.3m bbl/day in excess of its target of 30m bbl/day in an effort to cap prices.

The June contract hit an intra-day low of $102.36/bbl, before the close.

ICE Brent for June also came down on the day, dropping by $2.12/bbl to settle at $116.08/bbl.

($1 = €0.76)

By: Brian Balboa
+1 713 525 2653

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