Crude falls more than $1/bbl on firming dollar

25 September 2008 10:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures fell more than $1/bbl on Thursday, as the dollar firmed and worries persisted over the impact of the financial crisis on demand particularly in the US.

At 8:56 GMT, November NYMEX light sweet crude futures were trading at $104.47/bbl, down $1.26/bbl on Wednesday’s settlement level, having earlier falling to a low of $103.86/bbl, down $1.87/bbl.

At the same time, November ICE Brent futures were trading at $101.26/bbl, down $1.19/bbl on the previous close, having earlier hitting a low of $100.52/bbl down $1.93/bbl.

Crude prices fell in late Asia trading, wiping out gains from an earlier in the day as the US dollar regained some ground against the euro. The dollar firmed above €0.6790, after falling below €0.6770.

Demand worries rose after US government data revealed a decline in oil demand over the past month of more than 5% compared with the previous year.

Data from Japan also revealed a significant fall in crude imports in August compared with a year ago.

Weekly US inventory data from the Energy Information Administration (EIA) released on Wednesday showed larger than expected draws on products, although these were countered by a smaller than anticipated draw on crude.

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By: James Dennis
+65 6780 4359

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