15 October 2008 16:53 [Source: ICIS news]
LONDON (ICIS news)--Oil prices extended the losses posted earlier in the day as the US opened, with NYMEX light sweet crude futures dropping by more than $4/bbl on Wednesday to take the front month contract below $75/bbl.
The markets returned to focus on weak demand, wiping the gains earlier in the week on the back of governments around the world injecting money in the financial markets.
By 15:30 GMT, November NYMEX crude had hit a low of $74.57/bbl, a loss of $4.06/bbl from the Tuesday close of $78.63/bbl, before recovering to around $75.20/bbl.
At the same time, November Brent crude on ICE Futures was trading around $70.90/bbl, having hit a low of $70.21/bbl, a loss of $4.32/bbl from the previous close.
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