US crude futures fall $1.62/bbl on building inventories

17 October 2013 20:48  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for November delivery settled at $100.67/bbl, down $1.62, on Thursday, in response to released data showing crude oil inventories rising sharply at the Cushing, Oklahoma, delivery hub after drawing down for about fourteen consecutive weeks.

Optimistic, although cautious, rhetoric emerging from negotiations with Iran regarding its nuclear programme also encouraged length liquidation.

Investors weighed the potential economic damage of the two-week government shutdown after lawmakers reached an agreement overnight.

November West Texas Intermediate (WTI) hit an intra-day low of $100.03, down $2.26, before the selling was exhausted and the dip was viewed as a buying opportunity.

On the first session for the December ICE Brent contract as spot month, an intra-day low of $108.71 bbl was established before settling at $109.11/bbl, down $1.48. 

By: Ignacio Sotolongo
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly