20 May 2010 15:52 [Source: ICIS news]
LONDON (ICIS news)--Crude prices fell by more than $3/bbl on Thursday to take Brent crude on the ICE futures exchange to below $71/bbl as a result of losses in the equity markets and a weakening euro against the US dollar.
By 14:20 GMT, July Brent crude hit a low of $70.20/bbl, down $3.49/bbl from the previous close of $73.69/bbl, before recovering to around $70.35/bbl.
At the same time, the June NYMEX light sweet crude futures contract, which was due to expire at the end of the day, was trading around $67.60/bbl, having hit a low of $67.55, down $2.28/bbl from the previous close.
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