Brent crude falls $2/bbl on Saudi supply increase

17 June 2008 11:15  [Source: ICIS news]

LONDON (ICIS news)--Crude prices fell by more than $2/bbl on Tuesday to take Brent crude on London’s ICE Futures to below $133/bbl as the market continued to react to the announcement by Saudi Arabia of plans for a substantial increase in production.

 

By 10:05 GMT, August Brent crude had hit a low of $132.55/bbl, a loss of $2.16 from Monday’s close of $134.71, before recovering to around $132.60.

 

At the same time, July NYMEX light sweet crude futures was trading around $132.85/bbl, having hit a low of $132.50, a loss of $2.11 from the previous close.

By: Tony Dillon
+44 20 8652 3214

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