12 February 2010 11:04 [Source: ICIS news]
Correction: In the ICIS news story headlined “Crude oil drops $1/bbl on ?xml:namespace>
LONDON (ICIS news)--Crude prices fell by more than $1/bbl on Friday to take Brent crude on ICE Futures below $73/bbl on the back of reports that China’s central bank is increasing banks’ reserve requirements.
This move was likely to dampen future oil demand from
By 10:50 GMT, April Brent crude had hit a low of $72.60/bbl, a loss of $1.52/bbl from the Thursday close of $74.12/bbl, before recovering to around $72.85/bbl.
At the same time, March NYMEX light sweet crude futures was trading around $73.90/bbl, having hit a low of $73.56/bbl, a loss of $1.72/bbl from the previous close.
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