Crude prices fall below $69/bbl on market fears

12 June 2007 15:39  [Source: ICIS news]

LONDON (ICIS news)--Crude prices fell by over a dollar on Tuesday afternoon to take Brent crude on London’s ICE Futures to below $69.00/bbl, due to financial concerns.

 

The losses were attributed to fears across the commodity and financial markets about inflation and higher interest rates, plus forecasts that the weekly US stock figures would reveal another build in gasoline prices.

 

By 14:10 GMT, July Brent crude had hit a low of $68.54/bbl, a loss of $1.02 from Monday’s close of $69.56, before recovering to about $68.75.

 

At the same time, July NYMEX crude was trading about $65.50/bbl, having hit a low of $65.32, a loss of 65 cents from the previous close.

 

By: Tony Dillon
+44 20 8652 3214

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