Crude for November drops $2.11 to $98.53/bbl

01 October 2008 23:05  [Source: ICIS news]

HOUSTON (ICIS news)--Crude futures on the NYMEX settled down $2.11/bbl to $98.53/bbl on Wednesday, losing ground because of a strong dollar and concerns over whether the US Congress would revive a $700bn (€497bn) bailout bill.

Data from the Energy Information Administration (EIA) showed stockpiles of crude oil were more plentiful, and gloomy prospects for the US economy pushed most commodities downward.

Brent crude for November delivery fell $2.84/bbl to settle at $95.33/bbl.

Meanwhile, volumes were lighter than normal as traders stayed away from the market to take a wait-and-see approach to what the US Senate would do with the bailout plan.

($1 = €0.71)

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By: David Rosen
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