Crude prices fall $2.09/bbl under sell pressure

17 November 2008 21:34  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for December delivery experienced a volatile session before settling at $54.95/bbl, down $2.09 versus Friday’s close.

Crude prices fell overnight amid further economic fears as Japan moved into recession but started to rebound after the US dollar faltered on the back of disappointing manufacturing data.

News that Somali pirates had hijacked a Saudi Arabian oil tanker caused prices to spike and December crude established the session’s high at $58.98/bbl before the rally was capped.

Prices started to come off after the stock market faltered and the sell-off gained acceleration as crude options were to expire at the end of the session. The December crude contract, which goes off the board on Thursday, bottomed out at $54.72/bbl but rebounded slightly ahead of the settlement.

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By: Ignacio Sotolongo
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