US crude futures plunge $2.94/bbl on strong dollar

30 May 2012 21:20  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for July delivery settled at $87.82/bbl on Wednesday, down $2.94 versus the previous close, as the euro traded sharply against the dollar on sentiment that the eurozone debt crisis is reaching dangerous levels, triggering a sell-off across various commodities.

Data showing slow growth in China, together with European worries, pressured global stock markets.

The downside momentum also penetrated technical sell-stops, extending the losses across the energy complex.

At the lowest level in nearly three months, July WTI established dropped by $3.41 to hit $87.35/bbl before rebounding.

ICE Brent for July delivery bottomed out at $102.97/bbl before settling at $103.47/bbl, down $3.21.

By: Ignacio Sotolongo
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