US crude futures fall $1.45/bbl on pre-weekend selling

15 February 2013 20:58  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for March delivery settled at $95.86/bbl, down $1.45 versus the previous close, as repeated failure to close above the psychological $98.00/bbl resistance barrier triggered a round of pre-holiday weekend length liquidation.

US markets will be closed on Monday, 18 March in celebration of President’s Day.

During the day, the euro shifted lower against the dollar, and the stock market drifted lower in response to less than stellar figures on US manufacturing, suggesting a sluggish economic recovery and encouraging selling across various commodities.

March WTI established an intra-day low of $95.21/bbl, down $2.10, before rebounding.

ICE Brent for April delivery performed better than its American counterpart, bottoming out at $116.28 before settling at $117.66/bbl, down 34 cents.

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