Corrected: US crude futures down by more than $3/bbl on recession fears

06 September 2011 07:56  [Source: ICIS news]

Correction: In the ICIS news story headlined “US crude futures down by more than $3/bbl on recession fears" dated 6 September 2011, please read the in the third paragraph … $110.04/bbl … instead of … $111.04/bbl … Also please read in the same paragraph … down 4 cents … instead of … down 7 cents…A corrected story follows.

SINGAPORE (ICIS)--US crude futures slumped by more than $3/bbl on Tuesday, weighed by deepening worries over the health of the US economy and the eurozone sovereign debt crisis.

By 06:00 GMT, US crude for October delivery was at $83.39/bbl, down by $3.06 from Friday’s close. There was no settlement on Monday because of the Labor Day holiday in the US.

October Brent crude on London’s ICE futures exchange was trading at $110.04/bbl, down by 4 cents from the previous settlement price. Earlier, the North Sea benchmark rose to a session high of $111.09/bbl, up by $1.01/bbl.

Crude futures came under pressure following dismal US jobs data released last Friday which sparked concerns of another recession in the world’s largest economy and its dampening effects on fuel demand.

On Thursday, US President Barack Obama is expected to outline new policy measures to boost job creation.

By: Nurluqman Suratman

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