05 October 2012 20:52 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for November delivery settled at $89.88/bbl on Friday, down $1.83 versus the previous close, tracking the euro weakening against the US dollar and sentiment that a previous session’s rally was overdone.
Thursday’s overbought conditions and concerns regarding the eurozone debt crisis overshadowed an encouraging US unemployment report from the Labor Department and the escalation of geopolitical risks in the Middle East.
West Texas Intermediate (WTI) surged $3.57/bbl on Thursday and appeared ready for a downward correction.
November crude established an intra-day low of $89.01/bbl, down $2.70, before the selling ran out of steam and staged a rebound.
November ICE Brent established an intra-day low of $110.54/bbl and settled at $112.02, down 56 cents.
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