21 January 2008 18:10 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $2/bbl on Monday to take the front month February contract below $89.00/bbl, as worries over the US economy roiled global financial markets.
By 17:50 GMT, February NYMEX crude had hit a low of $88.56/bbl, a loss of $2.01/bbl from the Friday close of $90.57/bbl, before recovering slightly to around $88.70/bbl.
At the same time, ICE Futures March Brent crude was trading around $87.50/bbl, having hit a low of $87.36/bbl, a loss of $1.87/bbl from the previous close.
Along with other US financial markets, NYMEX is observing the Martin Luther King Jr. Day holiday in the US on Monday, but electronic trading of energy futures was continuing.
European and Asian stock markets plunged on Monday on fears that the US was headed into a deep recession.
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