US crude futures fall $2.22/bbl on downbeat economic data

12 April 2013 20:49  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for May delivery extended recent weakness, settling down $2.22 on Friday to $91.29/bbl, in response to released data showing weak retail sales and a decline in consumer sentiment.

The sell-off in crude and refined products started earlier in the week in response to various analysts revising downward forecasts for global oil demand growth, as well as weekly supply statistics from the US Energy Information Administration (EIA) showing crude inventories at their highest levels since 1990. 

Downside momentum triggered technical sell stops, extending the losses and driving May crude down to establish an intra-day low of $90.27, down $3.24, before the dip attracted buying.

ICE Brent for May delivery bottomed out at $101.09 before settling at $103.11/bbl, down $1.16.

By: Ignacio Sotolongo
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