05 September 2008 17:16 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than $2/bbl on Friday to take the front-month October contract close to $105/bbl as a report showed larger than expected job losses in August.
By 15:40 GMT, October NYMEX crude had hit a low of $105.13/bbl, a loss of $2.76/bbl from the Thursday close of $107.89/bbl, before recovering to around $105.65/bbl.
At the same time, October Brent crude on ICE Futures was trading around $103.90/bbl, having hit a low of $103.45/bbl, a loss of $2.85/bbl from the previous close.
This latest set of economic data from the world’s largest crude consumer placed more pressure on the market.
A couple of factors were also supporting the markets. Traders were keeping an eye on Hurricane Ike, which was already classed as category 4 and could head into the US Gulf next week after hitting ?xml:namespace>
Meanwhile, there were suggestions that OPEC, which was due to meet on 9 September, could consider trimming production levels.
Prices had been coming down throughout the week as Hurricane Gustav did not inflict as much damage to oil facilities in the US Gulf as was originally anticipated.
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