Crude falls $1/bbl on stronger US dollar, likely OPEC output

12 October 2010 10:00  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell by more than $1/bbl on Tuesday to take Brent crude on the ICE futures exchange below $83/bbl as the US dollar strengthened against the euro amid reports that OPEC was unlikely to change its output at a 14 October meeting.

By 8:35 GMT, November Brent crude fell by $1.07/bbl from the previous close of $83.72/bbl to hit a low of $82.65/bbl, before recovering to around $$82.70/bbl.

At the same time, November NYMEX light-sweet crude futures were trading around $81.10/bbl, having hit a low of $81.04/bbl, which was a loss of $1.17/bbl from the previous close.

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By: Giovanni Coiro
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