US crude futures fall $2.77/bbl on stock market sell-off

06 July 2012 21:00  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled at $84.45/bbl on Friday, down $2.77 versus the previous close, tracking a sell-off in the stock market in response to a US Labor Department’s June jobs report showing a less-than-expected expansion of nonfarm payrolls.

Fading hopes that the US Federal Reserve will introduce a new round of stimulus measures also contributed to the market’s concerns.

In the currency markets, the euro fell to a 2-year low against the dollar and various commodities lost ground on expectations of declining demand for raw materials as the global economy contracts.

Downside momentum also triggered technical sell-stops, driving August WTI down to establish an intra-day low of $84.02/bbl, down $3.20/bbl, before rebounding.

ICE Brent for August delivery bottomed out at $97.86/bbl before settling at $98.19/bbl, down $2.51.

By: Ignacio Sotolongo
+1 713 525 2653

AddThis Social Bookmark Button

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.

Printer Friendly

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