US crude falls $2.56 following volatile session
14 October 2008 21:18 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Tuesday at $78.63/bbl, down $2.56 versus Monday’s close, after seesawing between positive and negative territory.
The announcement that the US government will take an equity stake in banks to rescue the system triggered a rally in global stock markets, but the euphoria was short-lived.
With the US dollar also bouncing around, crude prices established a high of $84.83/bbl. However, prices fell sharply on sentiment that the credit crunch will push the global economy into a recession and hurt demand. November crude bottomed out at $78.31/bbl before staging a slight rebound.
ICE Brent for November delivery was extremely weak, bottoming out at $74.26/bbl before settling at $74.53/bbl, down $2.93.
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