15 May 2013 13:07 [Source: ICIS news]
LONDON (ICIS)--NYMEX light-sweet crude oil futures weakened by more than $1.00/bbl on Wednesday, pressured by bearish economic data from Europe and expectations of rising crude stocks in the US.
By 11:30 GMT, the front-month June NYMEX WTI contract touched an intra-day low at $93.05/bbl, a loss of $1.16/bbl compared to the settlement on Tuesday. The contract then gained a few cents to trade around $93.10/bbl.
At the same time, the front-month June ICE Brent contract, which will expire by the close on Thursday, was trading around $102.25/bbl, having touched an intra-day low at $102.01/bbl, a loss of 59 cents/bbl compared to the previous close.
GDP for the 17-nation eurozone contracted by 0.20% during the first quarter of the year, according to official European statistical agency Eurostat. However, GDP levels for the broader 27-nation EU fared marginally better, falling by 0.10% during the same quarter.
Adding to the bearish news, the UK unemployment rate increased to 7.80% during the first quarter, up from 7.70% in the previous quarter. However, the UK posted GDP growth at 0.30% during the first quarter of the year.
Further pressuring the markets, US crude oil stocks for last week are expected to rise. The American Petroleum Institute released its weekly stock report late on Tuesday showing crude stocks increased by 1.10m barrels to 390.20m barrels. The official stock report published by the US Energy Information Administration is expected to be released later on Wednesday.
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