Crude prices plunge on firm US dollar, talk of higher Saudi output

20 February 2013 16:36  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell over $2.00/bbl on Wednesday to take the front-month March WTI contract, which expires at the end of the day, below $94.00/bbl on the back of a firmer US dollar and promises of increased exports from Saudi Arabia.

By 16:20 GMT, March NYMEX crude had hit a low of $93.92/bbl, a loss of $2.74/bbl from the Tuesday close of $96.66/bbl, before recovering to around $94.70/bbl.

At the same time, April Brent crude on ICE Futures was trading around $115.90/bbl, having hit a low of $115.05/bbl, a loss of $2.47/bbl from the previous close of $117.52/bbl.

By: Tony Dillon
+44 20 8652 3214

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