21 June 2013 20:51 [Source: ICIS news]
HOUSTON (ICIS)--US West Texas Intermediate (WTI) crude oil futures experienced follow-through selling again on concerns about waning demand from ?xml:namespace>
The dollar also continued its climb against a basket of currencies, putting further downward pressure on oil, overshadowing modest gains in the stock market.
August NYMEX futures finished the first session as front-month trading by declining $1.45 to close at $93.69. August Brent futures fell $1.24 to settle at $100.91.
NYMEX futures also moved into backwardation, meaning the front month trades higher than the forward month, which could discourage refiners from building inventories.
Similar to Thursday's trading, which saw NYMEX futures drop more than $3/bbl, Friday's session opened with prices sharply down and August hit a low of $93.12, down $2.02, before trimming losses.
While crude futures were once more down sharply, the
($1 = €0.76)
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