23 January 2008 17:07 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than two dollars on Wednesday to take the front month March contract close to the $87.00/bbl mark on the back of continued concern over the US economy, which was causing a major sell-off across the world’s stock and commodity markets.
By 16:55 GMT, March NYMEX crude had hit a low of $87.20/bbl, a loss of $2.01/bbl from the Tuesday close of $89.21/bbl, before recovering to around $87.45/bbl.
At the same time, March Brent crude on ICE Futures was trading around $87.15/bbl, having earlier hit a low of $86.72/bbl, a loss of $1.73/bbl from the previous close.
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