US crude falls $3.08/bbl on bearish news

09 September 2008 21:40  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for October delivery settled at $103.26/bbl on Tuesday, down $3.08 in response to aggressive selling across the energy complex.

The dollar slipped versus key currencies and most gas and oil production in the Gulf of Mexico remained shut due to Hurricane Gustav, but sentiment that OPEC will leave quota output unchanged and Hurricane Ike will miss key Gulf installations triggered a round of aggressive selling.

October crude established a high of $106.77/bbl and plunged to $101.85/bbl before rebounding on profit taking.

ICE Brent for October delivery fell to $99.04/bbl and settled at $100.34/bbl, down $3.10.

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By: Ignacio Sotolongo
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