Crude falls $1/bbl amid weak stock markets

11 August 2010 12:57  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell more than $1/bbl on Wednesday to take the front-month September contract close to $79/bbl as a result of weaker stock markets, which were suffering from concerns about the faltering global economic recovery.

By 11:45 GMT, September NYMEX crude lost $1.10/bbl from the previous close of $80.25/bbl to hit a low of $79.15/bbl, before recovering to around $79.20/bbl.

At the same time, September Brent crude on the ICE futures exchange was trading around $78.60/bbl, having hit a low of $78.57/bbl, which was a loss of $1.03/bbl from the previous close.

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By: Tony Dillon
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