11 April 2013 20:36 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for May delivery settled at $93.51/bbl, down $1.13 versus the previous close, in response to analysts revising downward forecasts for global oil demand growth.
In the recent past, the US Energy Information Administration (EIA) and the International Energy Agency (IEA) have issued warnings that sluggish economic growth will result in rising supplies and declining demand.
On Wednesday, the EIA weekly supply statistics showed crude inventories are at their highest levels since 1990.
The sell-off in crude futures overshadowed a rally in the stock market in response to US Labor Department data showing initial jobless claims dropping more than expected.
Downside momentum drove May crude down to establish an intra-day low of $93.06, down $1.58, before rebounding.
ICE Brent for May delivery outpaced its American counterpart on the way down, bottoming out at $103.70 before settling at $104.27/bbl, down $1.52.
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