NYMEX crude down over $1 on demand concerns

11 August 2008 17:05  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $1/bbl on Monday to take the front month September contract below $114/bbl on the back of a firm US dollar and ongoing concerns about a slowdown in demand.

 

The fall came despite the conflict between Russia and Georgia.

 

By 15:40 GMT, September NYMEX crude had hit a low of $113.64/bbl, a loss of $1.56/bbl from the Friday close of $115.20/bbl, before recovering to around $114.00/bbl.

 

At the same time, September Brent crude on ICE Futures was trading around $112.00/bbl, having hit a low of $111.82/bbl, a loss of $1.51/bbl from the previous close.

 

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By: Tony Dillon
+44 20 8652 3214

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