US crude falls $2.23/bbl on weaker stock market, stronger dollar

02 November 2012 19:59  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for December delivery settled at $84.86/bbl on Friday, down $2.23 versus the previous close, after a stronger dollar and a weaker stock market triggered a round of length liquidation across the energy complex.

Global stock markets struggled, pointing to an uncertain outlook for economic growth despite the US Labor Department’s report showing better-than-expected gains in payrolls but an uptick in unemployment.

In the aftermath of Hurricane Sandy, the energy infrastructure in the US northeast struggled to restore operations but relief to supply disruptions was seen as improving.

During the normal NYMEX floor session, December West Texas Intermediate (WTI) bottomed out at $84.80/bbl, down $2.29, but extended the losses in electronic trading afterwards, hitting $84.66/bbl.

Same month ICE Brent finished down for the fifth consecutive session, establishing an intra-day low of $105.51/bbl and settled at $105.68, down $2.49.


By: Ignacio Sotolongo
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index