NYMEX crude falls $1/bbl despite Mid East tension

25 February 2008 15:14  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $1/bbl on Monday to take the front month April contract to below $98/bbl despite heightened tensions in the Middle East and no promise from OPEC of any increase in production at its upcoming meeting.

 

By 15:05 GMT, April NYMEX crude had hit a low of $97.75/bbl, a loss of $1.06/bbl from Friday’s close of $98.81/bbl, before recovering to around $97.95/bbl.

 

At the same time, April Brent crude on London’s ICE Futures was trading around $96.50/bbl, having hit a low of $96.34/bbl, a loss of $0.67/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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