US crude falls $4.09/bbl on recession fears

15 October 2008 20:53  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Wednesday at $74.54/bbl, down $4.09 versus Tuesday’s close, on sentiment that a global economic slowdown will lower energy demand.

The market’s concerns were validated by a US Commerce Department report, which showed that the nation's retail sales fell by their largest monthly amount in three years in September.

With the stock market plunging and the US dollar gaining against the euro, November crude established a high of $79.17/bbl before falling to 13-month lows, bottoming out at $74.32/bbl and staging a slight rebound.

ICE Brent for November delivery fell to $70.21/bbl before settling at $70.80/bbl, down $3.73 from Tuesday.

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By: Ignacio Sotolongo
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