Daily oil summary
After an early foray into mildly positive territory, crude oil prices went into steady decline on Tuesday on the back of disappointing Chinese import data. With Brent posting bigger losses than the NYMEX, the decline continued throughout the European morning.
The US opening saw prices stage a brief recovery, but with global stock markets falling sharply as eurozone debt concerns hit the headlines again, crude prices soon resumed the downward trend.
Brent ended the day just off the lows, but the NYMEX staged a late recovery to recoup a little of the lost ground.
May Brent closed the day down $2.79/bbl at $119.88/bbl, having traded a range between $119.71/bbl and $122.83/bbl.
May West Texas Intermediate (WTI) closed the day down $1.44/bbl at $101.02/bbl, having traded a range between $100.68/bbl and $102.96/bbl.
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