US crude falls $1.44 on dollar, slowing demand

HOUSTON (ICIS news)--NYMEX light sweet crude futures for September delivery settled on Tuesday at $113.01/bbl, down $1.44 versus Monday’s close, extending the recent losses even though the US dollar’s rally stalled out.

The fact that the global economic slowdown has affected energy demand also continued to pressure the market.

September crude established a low of $112.31/bbl and rallied to $115.95/bbl before wiping out a good portion of the losses on late buying.

The market took comfort in the expected cease fire in the armed conflict between Russia and Georgia, which could have disrupted oil shipments from the Caspian region.

ICE Brent for September bottomed out at $110.47/bbl and settled at $111.15/bbl, down $1.52.

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