Crude continues to fall, posting $2/bbl losses

21 February 2013 14:45  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures added to earlier losses to fall over $2.00/bbl on Thursday to take the front-month April WTI contract close to $93.00/bbl.

The decline was due to a combination of a stronger US dollar, a larger than expected build in US crude stocks, as well as concerns over increased oil production from Saudi Arabia and rumours of a large hedge fund liquidating positions.

By 14:05 GMT, April NYMEX crude had hit a low of $93.18/bbl, a loss of $2.04/bbl from Wednesday's close of $95.22/bbl, before recovering to around $93.45/bbl.

At the same time, April Brent crude on ICE Futures was trading around $113.80/bbl, having hit a low of $113.50/bbl, a loss of $2.10/bbl from the previous close of $115.60/bbl.

By: Tony Dillon
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly