US crude falls $1.19/bbl on downbeat economic news

04 April 2013 20:44  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for May delivery extended recent losses, settling at $93.26/bbl, down $1.19 versus the previous close, in response to released US Labor Department’s data showing initial jobless claims at a four-month high.

Crude and refined products futures started plunging on Wednesday as a result of the weekly supply statistics from the Energy Information Administration (EIA) showing crude inventories are at the highest level since 1990. 

Downside momentum once again penetrated technical barriers and May West Texas Intermediate (WTI) established an intra-day low of $92.12, down $2.33, before rebounding.

In other economic news, the US dollar rallied and the stock market was flat on news that the Bank of Japan (BoJ) was pouring money in order to stimulate the country’s economy.

ICE Brent for May delivery outperformed its American counterpart, bottoming out at $105.29 before settling at $106.34/bbl, down 77 cents.

By: Ignacio Sotolongo
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