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Daily oil summary

04 May 2012 20:03:28 | edem

Crude oil prices held relatively steady through the early hours on Friday, even taking a foray into mildly positive territory.

That all changed once Europe opened for business as dollar strengthened against other leading currencies amid ongoing worries over economic health of the eurozone.

Both benchmarks were posting losses of over a dollar well before the US markets opened with attention now focused on the latest US non-farm payroll data. This showed that new hirings in April had risen but well below expectations, and crude prices plummeted in tandem with stock markets and other commodities.

Some price support eventually appeared in the form of pre-weekend profit taking and a portion of the losses was recouped, but both benchmarks again closed posting massive losses.

June Brent closed the day down $2.90/bbl at $113.18/bbl, having traded a range between $111.76/bbl and $116.29/bbl.

June West Texas Intermediate (WTI) closed the day down $4.05/bbl at $98.49/bbl, having traded a range between $97.51/bbl and $102.72/bbl.

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