20 June 2012 22:14 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for July delivery settled at $81.80/bbl on Wednesday, down $2.23 versus the previous close, in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a build in crude and refined products inventories.
The US Federal Reserve announced the extension of its economic stimulus program in order to push down borrowing costs, signalling that the economic recovery is stalling, which added to the downside momentum and volatility. It did not signal a third round of quantitative easing.
In response to the announcement, the stock market fell and the dollar rose against the euro but eventually both reversed direction.
Impulsive selling drove July WTI down to establish a new low for the year at $80.91/bbl, down $3.12, before the downside was exhausted and the dip was viewed as a buying opportunity, recouping a portion of the losses. The July contract expired at the end of the session.
ICE Brent for August delivery bottomed out at $92.60/bbl before settling at $92.69/bbl, down $3.07.
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