11 September 2008 11:19 [Source: ICIS news]
LONDON (ICIS news)--Crude prices fell by more than $1.00/bbl on Thursday to take Brent crude on ICE Futures to below $98.00/bbl and close to a key technical support level at $97.50.
However, with Hurricane Ike gaining strength in the Gulf of Mexico and predicted to head to the Texas coast, traders were concerned about potential further disruptions to the US Gulf refining network.
By 10:00 GMT, October Brent crude had hit a low of $97.85/bbl, a loss of $1.12 from the Wednesday close of $98.97, before recovering to around $98.22.
At the same time, October NYMEX light sweet crude futures was trading around $101.65/bbl, having hit a low of $101.43, a loss of $1.15 from the previous close.
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