Crude falls more than $3/bbl on demand worries

11 November 2008 15:42  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell more than $3/bbl on Tuesday to take the front month December contract below $60/bbl as concerns about shrinking global demand added to a firmer US Dollar to wipe out the previous day’s gains.

By 15:10 GMT on Tuesday, December NYMEX crude had hit a low of $59.26/bbl, a loss of $3.15/bbl from Monday’s close of $62.41/bbl, before recovering to around $59.85/bbl.

At the same time, December Brent crude on ICE Futures was trading around $56.40/bbl, having hit a low of $55.86/bbl, a loss of $3.22/bbl from the previous close.

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By: Tony Dillon
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