US crude futures slide $1.17/bbl on struggling stock market

04 September 2012 20:32  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for October delivery settled at $95.30/bbl on Tuesday, down $1.17 versus the previous close, tracking a sell-off in the stock market and the dollar rising against the euro.

After the long holiday weekend, released data showing a decline in the US manufacturing sector and weak construction spending drove crude prices down on sentiment of struggling energy demand.

Energy installations in the US Gulf coast region continued work to restore output following the muted impact of Hurricane Isaac.

The weekly supply inventories from the American Petroleum Institute (API) and the Energy Information Administration (EIA) will be delayed by one day this week as a result of the Monday US holiday.

WTI established an intra-day low of $94.97/bbl, down $1.50, before rebounding.

ICE Brent for October delivery bottomed out at $113.93/bbl and settled at $114.18/bbl.

By: Ignacio Sotolongo
+1 713 525 2653

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