20 February 2013 21:24 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for March delivery settled at $94.46/bbl, down $2.20 versus the previous close, on the back of aggressive length liquidation as the front month contract expired at the end of the session.
Unconfirmed reports that a troubled commodity hedge fund had been forced to liquidate assets also triggered panic selling across the energy complex.
Crude prices had started to slide on expectations that ?xml:namespace>
The downside momentum penetrated technical barriers, triggering sell stops, and March WTI established an intra-day low of $93.92/bbl, down $2.74, before rebounding.
Led by commodities, the stock market gave back early gains and moved into negative territory; while the dollar firmed against a basket of currencies.
The about-to-become-spot month, April WTI, established an intra-day low of $94.21/bbl, down $2.89, before recouping a portion of the losses to settle at $95.22/bbl, down $1.88.
ICE Brent for April delivery performed slightly better than its American counterpart, bottoming out at $115.05 before settling at $115.60/bbl, down $1.92.
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