18 December 2008 16:17 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures fell more than $2/bbl on Thursday to take the front month January contract, which expires on Friday, below $38/bbl on the back of continued concerns about the global economy.
Despite OPEC announcing on Wednesday that it would be implementing an additional 2.2m bbl/day cut in production with effect from 1 January 2009, prices have continued to fall.
This was the first time that the front month NYMEX contract has dropped below the $38 mark since July 2004.
By 15:55 GMT, January NYMEX crude had hit a low of $37.71/bbl, a loss of $2.35/bbl from the Wednesday close of $40.06/bbl, before recovering to around $38.30/bbl.
At the same time, February Brent crude on ICE Futures was trading around $44.90/bbl, having hit a low of $44.72/bbl, a loss of $0.81/bbl from the previous close.
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