NYMEX oil futures drop more than $1/bbl on demand slowdown

16 January 2009 17:09  [Source: ICIS news]

LONDON (ICIS news)--NYMEX crude oil futures dropped more than $1/bbl to around $34/bbl as the slowdown in demand outweighed earlier gains over supply worries.

At 16:20 GMT, the NYMEX February contract hit a low of $34.33/bbl, down $1.07/bbl from Thursday's close, before recovering to around $34.70/bbl.

At the same time, the March contract reached a low of $47.11/bbl, down $0.57/bbl from the previous close. It later recovered to around $48.05/bbl.

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By: Giovanni Coiro
+44 20 8652 3214

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