Crude oil futures drop $1/bbl as Hurricane Earl weakens

03 September 2010 16:38  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell more than $1/bbl on Friday to take the front-month October contract below $74/bbl as Hurricane Earl, which was threatening to disrupt oil facilities around the US east coast, weakened.

By 15:10 GMT, October NYMEX crude lost $1.70/bbl from the previous close of $75.02/bbl to hit a low of $73.32/bbl, before recovering to around $73.55/bbl.

At the same time, October Brent crude on the ICE futures exchange was trading around $75.55/bbl, having hit a low of $75.50/bbl, which was a loss of $1.43/bbl from the previous close.

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By: Giovanni Coiro
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