15 April 2013 20:48 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for May delivery extended recent weakness, settling down $2.58 on Monday to $88.71/bbl, in response to released data showing weaker-than-expected growth for US and Chinese economies.
The sell-off in crude and refined products is a continuation of last week, when prices began to plunge following 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.
May crude broke through two levels of support to establish an intra-day low of $87.86, before rebounding slightly.
ICE Brent for May delivery settled at $100.39/bbl, down $2.72/bbl.
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