US crude futures fall $1.29/bbl on high inventories

31 May 2012 21:31  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for July delivery settled at $86.53/bbl on Thursday, down $1.29 versus the previous close, in response to the weekly supply statistics from the Energy Information Administration (EIA), which showed crude inventories rising for the  tenth consecutive week.

The EIA data also revealed a build in gasoline and distillate stocks.

Adding to the downside momentum, disappointing data showing a rise in US jobless claims and lackluster first-quarter economic growth suggested loss of traction in the economic recovery, while the eurozone debt crisis continued to pressure the euro against the dollar.

Impulsive selling drove front-month WTI down to establish the session’s low at $85.86/bbl, down $1.96, before rebounding.

ICE Brent for July delivery bottomed out at $101.27/bbl before settling at $101.87/bbl, down $1.60.

By: Ignacio Sotolongo
+1 713 525 2653

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