Brent down $1/bbl on worries of growing economic gloom

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

LONDON (ICIS news)--Crude prices fell by more than $1/bbl on Monday to take Brent crude on ICE futures to below $44/bbl as a gloomy global economic picture outweighed tightening supplies and the threat by OPEC to trim production even further.

By 16:30 GMT, April Brent crude had hit a low of $43.72/bbl, a loss of $1.09 from Friday’s close of $44.81, before recovering to around $43.90.

At the same time, March NYMEX light sweet crude futures were trading around $36.80/bbl, having hit a low of $36.76, which was a loss of $0.75 from the previous close.

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By: Tony Dillon
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