01 March 2013 20:39 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for March delivery settled at $90.68/bbl, down $1.37 versus the previous close, on concerns that imminent US budget cuts will affect economic growth and trim energy demand.
A political stalemate in Washington regarding the budget should trigger automatic spending cuts, which should affect government activities.
Despite sell-off in crude futures and budget fears, the stock market rallied in response to data showing growth in US manufacturing and on sentiment that the Federal Reserve will continue its economic stimulus program.
The dollar surged against the euro responding to weak economic data out of the eurozone.
Downside momentum penetrated technical barriers, triggering sell stops and leading April crude to bottom out at $90.04/bbl, down $2.01 before the dip attracted buying.
ICE Brent for April delivery performed slightly better than its American counterpart, bottoming out at $109.82 before settling at $110.40/bbl, down 98 cents.
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