21 April 2008 17:23 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $1/bbl on Monday to take the front-month May contract below $116/bbl after Bank of America reported larger than expected quarterly losses, reviving fears of a US economic slowdown hitting oil demand.
By 15:30 GMT, May NYMEX crude had hit a low of $115.68/bbl, a loss of $1.01/bbl from the Friday close of $116.69/bbl, before recovering to around $116.05/bbl.
At the same time, June Brent crude on ICE Futures was trading around $113.30/bbl, having hit a low of $113.09/bbl, a loss of $0.83/bbl from the previous close.
The markets had extended Friday’s gains to hit new records during the morning session on the back of supply disruptions in ?xml:namespace>
Two further attacks on the Bonny terminal on Monday led to Shell Group declaring force majeure on loadings through to the end of May.
OPEC’s decision at its last meeting in March to roll over the existing target of 29.67m bbl/day and not to meet again until 9 September has been by analysts as a contributing factor to present high prices.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|