01 July 2011 11:22 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures fell by more than $1/bbl on Friday, undermined by demand worries, following release of weaker manufacturing data from ?xml:namespace>
At 09:45 GMT, August Brent on
August NYMEX light sweet crude futures were trading at $94.42/bbl, down by $1.00/bbl from the previous close. Earlier, the contract fell to an intra-day low of $94.18/bbl, down by $1.24/bbl.
Concerns over the ongoing disruption of oil supplies from
OPEC secretary general Abdulla al-Badri demanded that the IEA action be halted earlier this week and suggested that it was possible OPEC may cut output in response.
Despite weakness on Friday’s trade, crude prices were still up substantially week on week, with ICE Brent futures around 6% higher and NYMEX WTI up by around 4%.Prices have been buoyed in the last few days by a larger-than-expected fall in US crude stocks and news that
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