17 September 2012 21:15 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for October delivery settled at $96.62/bbl on Monday, down $2.38 on sentiment that the intervention by European and US Central Banks to stimulate the economies could raise prices for various commodities but result in declining demand.
US crude futures, in particular, were driven above $100.00/bbl during the previous week as the market factored in the Federal Reserve’s announcement to launch a third round of monetary stimulus that would drive the dollar down and raise demand for commodities.
Despite the fact that the stock market dropped and the dollar traded near seven-month lows, crude prices ran out of upside momentum and reversed direction.
During the session, October WTI established the intra-day high of $99.52/bbl, but paused to chop around before a round of high-frequency trading and aggressive length liquidation triggered technical sell stops driving the front month down to $94.65/bbl. Once the downside was satisfied a portion of the losses were recouped ahead of the closing bell.
November ICE Brent plunged to $111.50/bbl and settled at $113.79, down $2.87.
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