Crude prices fall $1/bbl on demand fears

08 October 2010 10:48  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell by more than $1.00/bbl on Friday to take Brent crude on ICE Futures close to $82/bbl on the back of fears of a slowdown in demand reflected in the losses in the stock markets.

Investors were anticipating a negative set of US jobs data which was scheduled to be released later in the day.

By 09:20 GMT, November Brent crude had hit a low of $82.25/bbl, a loss of $1.18/bbl from the Thursday close of $83.43, before recovering to around $82.45/bbl.

At the same time, November NYMEX light sweet crude futures was trading around $80.90/bbl, having hit a low of $80.72/bbl, a loss of $0.95/tonne from the previous close.

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By: Giovanni Coiro
+44 20 8652 3214

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