11 June 2012 21:49 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for July delivery settled at $82.70/bbl on Monday, down $1.40 versus the previous close, but the loses were extended during electronic trading after an optimistic stock rally fizzled.
The rally was sparked by the announced rescue package for Spain's banks, but Eurozone debt worries persisted, with the euro surrendering gains against the dollar and the stock market sold down sharply, pressuring the energy complex.
Ahead of an OPEC ministerial meeting on Thursday, Saudi Arabia was noted calling for an increase in the group’s oil exports in order to keep prices in check. OPEC’s official quota is 30m bbl/day but recent figures show output at 31.8m bbl/day.
Downside momentum drove front month WTI to $81.35/bbl before running out of steam and rising in search of a comfort level.
ICE Brent for July delivery bottomed out at $96.50/bbl before settling at $98.00/bbl, down $1.47.
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