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.
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections