19 March 2008 14:39 [Source: ICIS news]
By 14:00 GMT, May ICE Brent crude had hit a low of $102.45/bbl, down $3.11/bbl from yesterday’s close. Similarly, NYMEX light sweet crude futures reached a low of $105.90/bbl, down $3.52/bbl.
The falls surprised the markets after the US Federal Reserve trimmed its base rate on Monday by 0.25% and again on Tuesday by 0.75%.
The reductions of its base rate were intended to stimulate the US economy to avert a recession and provide greater confidence in the financial markets.
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