US NYMEX crude drops $1.35/bbl on foreign economics

14 May 2012 23:11  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) began the week lower on Monday and settled at $94.78/bbl, down $1.35/bbl from Friday, continuing the downtrend from the previous week.

The decline was driven down on reports of China’s slowing economy, a potential exit from the euro zone by Greece, and a call for higher crude inventories by Saudi Arabia.

The June WTI contract began the session at $95.75/bbl. The futures contract established an early low-to-high range of $93.65-95.83/bbl.

ICE Brent for June delivery also settled lower, losing 69 cents from Friday to settle at $111.57/bbl.

($1 = €0.77)

By: Brian Balboa
+1 713 525 2653

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