US crude futures fall $2.08/bbl on end of Norway's strike

10 July 2012 21:07  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled at $83.91/bbl on Tuesday, down $2.08 versus the previous close, in response to the end of the Norwegian oil workers’ strike after the government intervened in order to prevent a lockout and disruption of the country’s key oil and gas production.

Reports that China’s oil imports in June had declined also weighed on crude oil prices.

The euro hit a two-year low against the dollar in the currency markets, and the stock market experienced a sell-off.

Downside momentum drove August WTI down to $83.65/bbl, down $2.34/bbl before attempting to rebound.

ICE Brent for August delivery bottomed out at $97.73/bbl before settling at $97.97/bbl, down $2.35.

By: Ignacio Sotolongo
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