NYMEX crude down $1, offsetting gain on IEA report

14 December 2007 15:00  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than a dollar on Friday to take the front-month January contract below $91/bbl on strength in the US dollar and concerns over a slowdown in the global economy.

By 14:30 GMT, January NYMEX crude had hit a low of $90.91/bbl, a loss of $1.34/bbl from the Thursday close of $92.25/bbl.

At the same time, January Brent crude on ICE Futures was trading around $91.95/bbl, having hit a low of $91.79/bbl, a loss of $0.33/bbl from the previous close.

Crude prices earlier rose by more than a dollar after the International Energy Agency (IEA) raised its world oil demand growth forecast for 2008.

World demand was revised down 60,000 bbl/day to 85.7m bbl/day in 2007 and 115,000 bbl/day to 87.8m bbl/day in 2008.

By: Giovanni Coiro
+44 20 8652 3214

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