US crude futures plunge $4.05/bbl on stock market sell-off

04 May 2012 21:04  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for June delivery settled at $98.49/bbl on Friday, down $4.05 versus the previous close, tracking a sell-off in the stock market on worries of a slowing economy, following the release of a disappointing jobs report.

In the currency markets, the euro experienced volatility but eventually shifted lower against the dollar in response to growing economic uncertainties in key European countries.

Crude prices fell for the third consecutive session, extending the losses from a build in oil inventories revealed by the Energy Information Administration (EIA), and by OPEC raising production above quota in an attempt to keep prices in check.

Technical sell-stops were also triggered, resulting in a round of pre-weekend length liquidation.

June WTI established an intra-day low of $97.51/bbl, down $5.03, before recovering some of the losses.

ICE Brent for June delivery bottomed out at $111.76/bbl before settling at $113.18/bbl, down $2.90.

By: Ignacio Sotolongo
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly