Crude futures down by more than $1/bbl on US recession fears

05 September 2011 08:20  [Source: ICIS news]

SINGAPORE (ICIS)--Global crude futures fell by more than a $1/bbl on Monday following weak US jobs data, which have sparked concerns of another recession in the world’s largest economy and its dampening effects on fuel demand.

By 07:10 GMT, October NYMEX light sweet crude futures (WTI) were at $85.00/bbl, down $1.45/bbl from the previous close.

Earlier, the contract price fell to an intra-day low of $84.97/bbl, down by $1.48/bbl.

US crude settled at $2.48/bbl lower at $86.45/bbl on 2 September, following a report that showed US non-farm payrolls were unchanged in August.

October Brent on London’s ICE futures exchange was trading at $111.07/bbl, down by $1.26/bbl from the previous settlement price.

Concerns over the US economy outweighed supply worries from Tropical Storm Lee, which caused the shutdown of more than half of the crude production in the US Gulf of Mexico.

Tropical Storm Lee was downgraded to a tropical depression on Monday.

By: Nurluqman Suratman

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