Oil dropped almost 0.6 % in London trading today

Wednesday, 13 April 2011 03:04

Oil dropped almost 0.6 % in London trading today as Libyan rebels said they would accept an agreement for leader Muammar Qaddafi to relinquish power. Also the American Petroleum Institute reported U.S. crude stockpiles rose 1.19 million barrels to 355.5 million last week.

Brent oil declined as much as 72 cents to $120.20 a barrel for May settlement on the London based ICE Futures Europe exchange down from $121.16 this morning. Yesterday the contract declined $3.06 or 2.5 % to settle at $120.92 the lowest since April 1.

Crude oil for May delivery fell as much as 88 cents to $105.37 a barrel on the New York Mercantile Exchange, and was at $106.40 a barrel. Yesterday, the contract fell $3.67 to $106.25, the lowest close since March 30.

Brent traded at a premium of $14.76 a barrel compared with $14.67 yesterday.  

Tags: , , , , ,

This entry was posted on Wednesday, April 13th, 2011 at 15:04 and is filed under Forex Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

DISCLAIMER: This material (written and attachments) is considered a non-binding marketing communication and does not contain investment advice, investment recommendations or any offer or solicitation for any transactions in financial instruments in any jurisdictions. Mega Trader FX does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information provided. Any expressions of opinion are subject to change without notice and opinions made may be personal to the author and may not reflect the opinions of Mega Trader FX. This content must not be reproduced or further distributed without the prior permission of Mega Trader FX