US crude futures slide $1.14/bbl on weak stock market

10 October 2012 21:19  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for November delivery reversed early gains and settled at $91.25/bbl on Wednesday, down $1.14 versus the previous close after the market was dragged down by warnings of lacklustre third-quarter corporate earnings.

Crude futures had extended the previous session’s gains on concerns that the Turkey/Syria conflict could affect the security of crude supplies in the region, capping the rally at $93.66/bbl, up $1.27, and retreating to establish and intra-day low of $91.02/bbl, down $1.37, before rebounding ahead of the closing bell.

November ICE Brent bottomed out at $113.77/bbl and settled at $114.33/bbl down just 17 cents.

By: Ignacio Sotolongo
+1 713 525 2653

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