Oil extends losses, drops $4/bbl to below $75/bbl

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.

 

To discuss issues facing the chemical industry go to ICIS connect

By: Giovanni Coiro
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly