Product Builds in US, Profit-Taking Carry Crude To Fresh Lows

摘要

Crude oil continued its downward spiral Wednesday as the US dollar strengthened and a weekly inventory report produced bearish signals for products. January Brent trading on ICE Futures fell $2.80, or 3.7%, to close at $72.39 per barrel, its fourth-straight loss. The European benchmark had been performing better than its US counterpart, but January Nymex futures dropped just $1.95 to $70.67/bbl, threatening to close below $70 for the first time since Oct. 7.