22 January 2008 15:37 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures recovered some of the losses posted on Monday and earlier on Tuesday after the US Federal Reserve cut interest rates by three quarters of a percentage point in a bid to restore confidence in the ?xml:namespace>
However, the emergency rate cut seemed to have little effect in reversing the overall downward trend in crude oil prices.
By 14:30 GMT, February NYMEX crude was trading around $88.04/bbl, down $2.52/bbl from the Friday close of $90.57/bbl but up on earlier figures on Tuesday.
Due to the holidays in the
At the same time, March Brent crude on ICE Futures was trading around $86.84/bbl, down $0.67/bbl from the Monday close.
The oil markets have been fallen in tandem with global markets over fears that a
Investment banking sources were expecting the Fed to cut interest rates in their official meeting next week by a further half a percentage point, followed by another half point cut at the end of March.
Tony Dillon contributed to this article
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