NYMEX WTI weakens on rising unemployment in Europe

02 April 2013 15:08  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell more than $1.00/bbl on Tuesday pressured by bearish unemployment data from Europe.

By 13:30 GMT, the front-month May NYMEX WTI contract had touched an intra-day low at $95.91/bbl, a loss of $1.16/bbl compared with the previous settlement. The contract then edged higher to trade around $96.10/bbl.

At the same time, the front-month May ICE Brent contract was trading around $110.55/bbl, having touched an intra-day low at $110.36/bbl, a loss of 72 cents/bbl compared with Monday’s close.

Prices were put under pressure on Tuesday after data showed unemployment levels for the EU's 27 member states had increased to 10.9% in March from 10.8% in the previous month.

China released its official purchasing managers’ index for March, showing a small gain compared with March to 50.90 points. A reading above 50.00 points indicates growth in the sector. However, despite a positive score, the 50.90 reading was below expectations.

By: Kawai Wong
+44 20 8652 3214

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