26 April 2013 17:32 [Source: ICIS news]
LONDON (ICIS)--NYMEX light sweet crude oil futures fell by more than $1.00/bbl on Friday afternoon after the US released disappointing first-quarter GDP data.
By 15:45 GMT, the front-month June NYMEX WTI contract had touched an intra-day low at $92.19/bbl, a loss of $1.45/bbl compared with the settlement on Thursday. The contract then edged a little higher to trade around $92.55/bbl.
At the same time the front month June ICE Brent contract was trading around $102.80/bbl, having touched an intra-day low at $102.51/bbl, a loss of 90 cents/bbl compared with the previous settlement.
Crude oil futures were trading in negative territory for most of Friday. Both ICE Brent and NYMEX WTI front-month contracts plummeted in reaction to first-quarter US GDP data that showed growth at 2.50%, which is below the forecast at around 3%.
The weaker-than-expected GDP data from the US added to the bearish sentiment lingering in the market, with US crude oil supplies remaining high amid weaker oil demand. Additionally, the European Central Bank is considering cutting interest rates in a bid to encourage higher levels of consumption and investment.
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