22 January 2008 10:08 [Source: ICIS news]
LONDON (ICIS news)--Crude prices fell by more than two dollars on Tuesday to take Brent crude on London's ICE Futures to $85.00/bbl on the back of fears of a global recession.
By 9:00 GMT, March Brent crude had hit a low of $85.00/bbl, a loss of $2.51/bbl from the Monday close of $87.51/bbl, before recovering to around $86.00/bbl.
At the same time, February NYMEX light sweet crude futures were trading around $87.15/bbl, having hit a low of $86.11/bbl, a loss of $2.56/bbl from the previous close.
Prices were still on a downward trend as the oil market continued to be worried about the possibility of a ?xml:namespace>
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