US crude falls $5/bbl on global recession fears
24 October 2008 15:04 [Source: ICIS news]
LONDON (ICIS news)--Despite the announcement OPEC was planning to cut production by 1.5m bbl/day, NYMEX light sweet crude futures fell more than $5.00/bbl on Friday to take the front month December contract below $63/bbl on continued concerns about a global recession.
By 13:45 GMT, December NYMEX crude had hit a low of $62.65/bbl, a loss of $5.19/bbl from the Thursday close of $67.84/bbl, before recovering to around $63.85/bbl.
At the same time, December Brent crude on
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