US crude futures fall $1.68/bbl on oversold conditions

19 September 2013 21:34  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for October delivery settled at $106.39/bbl, down $1.68, on Thursday, on sentiment that the previous session’s gains had been overdone.

On Wednesday, West Texas Intermediate (WTI) rose sharply in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a drawdown in crude and refined products.

Prices also received a boost after the US Federal Reserve decided to keep the economic stimulus in place, contrary to market speculation of a gradual reduction.

Conciliatory words out of Iran regarding its nuclear programme removed some risk from the market and encouraged a round of selling.

Downside momentum drove October WTI down to establish an intra-day low of $106 09/bbl, down $1.98, before recouping a portion of the losses.

ICE Brent for November delivery bottomed out at $108.55/bbl before settling at $108.76/bbl, down $1.84.

By: Ignacio Sotolongo
+1 713 525 2653

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