US crude futures dip $1.22/bbl on pre-weekend correction

20 July 2012 21:30  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled at $91.44/bbl on Friday, down $1.22 versus the previous close, on sentiment that seven consecutive positive sessions had placed the market in overbought territory and in need of a correction.

Crude futures had been rising in response to investors’ geopolitical concerns in the Middle East, overshadowing lacklustre economic data.

The stock market fell sharply and the dollar shifted higher against the euro.

With the August WTI contract expiring at the end of the session, downside momentum established an intra-day  low of $90.66/bbl before retreating. As the September contract prepares to become spot month, it settled at $91.83/bbl, down $1.14.

ICE Brent for September delivery dipped to $105.60/bbl, before settling at $106.83/bbl, down 97 cents.

By: Ignacio Sotolongo
+1 713 525 2653

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