US crude futures fall $1.21/bbl in response to oversold conditions

02 July 2012 20:52  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled at $83.75/bbl on Monday, down $1.21 versus the previous close, on sentiment that Friday’s rally was overdone.

The fall was also triggered by disappointing factory activity and manufacturing data emerging from China, the US and the eurozone, with the stock market tumbling on the reports.

A continuing strike by Norwegian oil workers and the European Union’s embargo on Iranian oil taking effect on 1 July, helped put a floor on the price decline.

August WTI fell as low as $82.10/bbl, down $2.86/bbl, before the dip attracted buying.

ICE Brent for August delivery bottomed out at $95.30/bbl before settling at $97.34/bbl, down 46 cents.

By: Ignacio Sotolongo
+1 713 525 2653

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