IPE Brent slides under $69/barrel, extends overnight weakness

Singapore (Platts)--9Jun2006

Front-month July Brent futures on London's Intercontinental Exchange slid
under the $69/barrel mark in early trade during the Asian afternoon Friday,
extending their weakness from Thursday.
July IPE Brent traded last at $68.73/barrel at 0601 GMT, down 32
cents/barrel from Thursday's $69.05/barrel settle. It was 14 cents/barrel off
on ICE.
News that Abu Musab al-Zarqawi, the leader of Al Qaeda in Iraq, was
killed overnight, caused a breakout to the upside in the US dollar and a
selloff across the commodity complex.
Elsewhere, the Group of Eight (G8) finance ministers were meeting in
Saint Petersburg Friday to discuss steering the global economy past multiple
threats of high energy costs, rising interest rates and a weak dollar (see
story 0127 GMT).
"[NYMEX crude prices are] volatile and refusing to break from support of
$69/barrel and resistance of $75/barrel," a trader said.
Front-month light, sweet NYMEX crude futures for July delivery last
changed hands at $69.95/barrel at 0615 GMT, down 40 cents/barrel from
Thursday's $70.35/barrel settle in New York.
--Lynette Lim, lynette_lim@platts.com

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