NYMEX falls $1/bbl on euro woes, strong dollar

15 August 2008 08:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures fell by more than $1/bbl on Friday, as economic worries re-emerged as a major driver amid downbeat economic data from the eurozone and a stronger US dollar.

 

At 07:08 GMT, September NYMEX light sweet crude futures were trading at $113.69/bbl, down $1.32/bbl on Thursday’s settlement level. Earlier the contract hit a low of $113.36/bbl, down $1.65/bbl.

 

At the same time, October Brent on London’s ICE Futures was trading at $112.49/bbl, down $1.19/bbl on Thursday’s settlement price, having earlier fallen to a low of $112.08/bbl, down $1.60/bbl.

 

The September Brent contract expired at the close of business on Thursday.

 

The US dollar has risen to a six-month high against the euro, while investors moved out of crude and other commodities amid concerns over the global economy.

 

Data released on Thursday revealed the eurozone economies contracted in the second quarter of the year, the first time this has happened since records began in 1995.

 

Meanwhile, a French-brokered ceasefire continued to hold between Russia and Georgia despite ongoing tensions.

By: James Dennis
+65 6780 4359

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