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

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