Brent falls over $2/bbl on global recession jitters

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 US recession, which could spill over globally. A fiscal stimulus proposed by Washington was not enough to restore confidence in the markets after a set of bad economic data for the US economy was reported last week.

By: Giovanni Coiro
+44 20 8652 3214

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