US crude futures plunge $3.30/bbl on stock market meltdown

01 June 2012 21:37  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for July delivery settled at $83.23/bbl on Friday, down $3.30 versus the previous close, in response to data released by the US Department of Labor showing anaemic employment growth, which sent the stock market down.

Crude prices, as well as other commodities, came off under pressure from pessimistic investor sentiment, extending the losses for the fourth consecutive session.

A slowing pace of Chinese economic growth and the continuing eurozone debt crisis added to the downside momentum.

A feeding frenzy drove July WTI down to $82.29/bbl, down $4.24, before some bargain hunting emerged.

ICE Brent fell below $100.00/bbl for the first time since October 2011, with the July contract bottoming out at $97.54/bbl before settling at $98.43/bbl, down $3.44.

By: Ignacio Sotolongo
+1 713 525 2653

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