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.
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