15 October 2008 13:35 [Source: ICIS news]
LONDON (ICIS news)--Crude prices fell by more than $3/bbl on Wednesday to take Brent crude on London’s ICE Futures below $72/bbl due to ongoing concerns over a fall in future demand.?xml:namespace>
By 12:00 GMT, November Brent crude had hit a low of $71.43/bbl, a loss of $3.10/bbl from the Tuesday close of $74.53/bbl, before recovering to around $71.80/bbl.
At the same time, November NYMEX light sweet crude futures were trading around $75.55/bbl, having hit a low of $75.30/bbl, a loss of $3.33/bbl from the previous close.
As the equity markets, which lately have been a measure of confidence in the global economy, retreated from an earlier rally, oil prices extended the losses posted the previous session.
On Tuesday, the announcement the ?xml:namespace>
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