US crude plunges $1.98/bbl on stock market sell-off

23 October 2012 20:43  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for December delivery finished down for the fourth consecutive session, settling at $86.67/bbl on Tuesday, down $1.98 versus the previous close tracking another sell-off in the stock market.

On the first day as spot month, December West Texas Intermediate (WTI) responded to concerns regarding global economic growth and gloomy earnings outlook from various corporations; while the euro slid against the dollar.

The downside momentum in the futures market penetrated technical barriers triggering sell-stops and extending the losses.

December crude established and intra-day low of $85.69/bbl, down $2.96 versus the previous close before staging a rebound ahead of the closing bell. 

ICE Brent for December delivery outperformed its American counterpart, hitting an intra-day low of $107.31/bbl before settling at $108.25/bbl down $1.19.

By: Ignacio Sotolongo
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