21 October 2008 15:43 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell more than $3/bbl on Tuesday to take the front month contract down to $71/bbl on the back of gains in the US dollar.?xml:namespace>
By 14:15 GMT, November NYMEX crude, which is set to expire at the end of the day, had hit a low of $71.00/bbl, a loss of $3.25/bbl from Monday’s close of $74.25/bbl, before recovering to around $72.05/bbl.
At the same time, December Brent crude on ?xml:namespace>
This latest dip was also due to the stock markets trading in negative territory. Oil futures lately have been tracking the equity markets, which have been seen to represent the degree of confidence in the global economy, or lack of it.
Meanwhile, OPEC was scheduled to discuss the impact of the global economic weakness in oil demand later this week, with various members calling for a substantial cut in output without destabilising the market.
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