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.?xml:namespace>
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.
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections