Crude weakens on Cyprus bailout uncertainty

19 March 2013 16:48  [Source: ICIS news]

LONDON (ICIS)--The front-month May ICE Brent contract weakened by more than $1.00/bbl on Tuesday on uncertainty over the Cyprus bailout.

By 16:05 GMT, May ICE Brent had touched an intra-day low at $108.27/bbl, a loss of $1.24/bbl from the settlement on Monday. The contract then edged higher to trade around $108.35/bbl.

At the same time, the front-month April NYMEX WTI contract was trading around $93.15/bbl, having touched an intra-day low at $93.11/bbl, a loss of 63 cents/bbl compared to the previous close.

Crude oil futures remained depressed on Tuesday, pressured by uncertainty over the Cyprus bailout.

The Cyprus House of Representatives is expected to meet later this afternoon to vote on the terms. If the levy is rejected, it could block the bailout which is needed to prevent Cyrpus's banks from going bankrupt.


By: Kawai Wong
+44 20 8652 3214



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