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Brent crude turns lower, U.S. below 100-day MA

Published 06/02/2011, 11:43 AM
Updated 06/02/2011, 11:48 AM

NEW YORK, June 2 (Reuters) - Brent crude futures turned negative on Thursday and U.S. crude futures extended losses to more than $1 and moved below its 100-day moving average, reacting to a government report showing a surprise crude stockpiles rise last week in the United States.

Gasoline stocks also rose, the U.S. Energy Information Administration said, much more than expected, though distillate stocks fell more than expected. [EIA/S]

ICE Brent July crude fell 68 cents to $113.85 a barrel by 11:40 a.m. EDT (1540 GMT), having traded from $113.74 to $115.81.

On the New York Mercantile Exchange, the July crude contract fell $1.50 to $98.79 a barrel, trading as low as $98.46, having moved under the 100-day moving average for front-month crude of $99.46. The earlier intraday peak was $100.90. (Reporting by Robert Gibbons; Editing by David Gregorio)

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