06 May 2014 20:03 [Source: ICIS news]
LONDON (ICIS)--Crude futures opened on Tuesday in negative territory and both the NYMEX and Brent moved sideways during the early hours amid expectations of a build in US crude oil stocks.
Prices rose as Europe opened, climbing further during morning trade amid concerns over unrest in Ukraine and Libya.
However, both contracts failed to hold the gains after the Organisation for Economic Co-operation and Development (OECD) called on the European Central Bank to cut interest rates immediately to fight low inflation.
As the US markets opened, the NYMEX surged higher, but Brent took a quick dip back into negative territory. Both eased off again, but the NYMEX soared higher again on US data showing better than expected trade figures, with a weak US dollar giving further support.
While the front month June NYMEX contract moved to a new high above $100/bbl, Brent was left languishing in negative territory.
Both benchmarks eased off again, with Brent dipping to a new low for the day. The NYMEX held the gains for the next few hours, but then took a sharp dip to give back a good portion of the earlier gains.
Another dip in late trading saw Brent hitting new lows and closing just off these, while the NYMEX saw the rest of the gains wiped off the board.
June Brent closed the day down 66 cents/bbl at $107.06/bbl, having traded between $107.01/bbl and $108.21/bbl.
June West Texas Intermediate (WTI) closed the day up 2 cents/bbl at $99.50/bbl, having traded between $99.32/bbl and $100.42/bbl.
Additional reporting by Tony Dillon
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