US crude slides $1.32/bbl on stock market weakness

22 October 2012 21:02  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for November delivery reversed early gains and settled at $88.73/bbl on Monday, down $1.32 versus the previous close after continuing concerns regarding lacklustre corporate earnings dragged the stock market down.

The re-start of the Canadian Keystone pipeline, which had stopped carrying crude into the US, contributed to the selling in the oil complex.

West Texas Intermediate (WTI) also experienced a late round of selling as the November contract went off the board.

The expiring front month established and intra-day low of $88.21/bbl before staging a slight rebound ahead of the closing bell. December crude bottomed out at $88.57/bbl and settled at $88.65/bbl, down $1.79.

ICE Brent outperformed its American counterpart, receiving support from an oil field shutdown in the North Sea due to maintenance, which has been curbing production. The December contract hit an intra-day low of $109.12/bbl and settled at $109.44/bbl down 70 cents.

By: Ignacio Sotolongo
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