US crude futures fall $1.60 on equities, supply forecast

04 February 2013 20:30  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for March delivery settled on Monday at $96.17/bbl, down $1.60 versus the previous close, falling in line with global equities markets pushed down, in part, by a response to profit-taking during recent surges, as well as negative economic news from Europe.

 

Stock markets reacted negatively to bad job numbers in Spain and concerns over a bank investigation in Italy. A poll forecasting increased crude inventories on higher imports and lowered refining activity, as well as reports that Iran was amenable to renewed discussions about its nuclear program, also helped push down crude prices.

 

March West Texas Intermediate (WTI) topped out at $97.89/bbl, up $0.12 before retreating.

 

ICE Brent for March delivery settled at $115.60/bbl, down $1.16.

 

($1 = €0.73)


By: Ken Fountain



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