US crude falls $1/bbl on worries over eurozone debt crisis

12 October 2011 04:08  [Source: ICIS news]

SINGAPORE (ICIS)--US NYMEX light sweet crude futures (WTI) fell by more than $1/bbl on Wednesday amid fresh worries about the eurozone’s ongoing sovereign debt crisis.

At 01:45 GMT, NYMEX crude for November delivery was trading at $84.74/bbl (€61.86/bbl), down $1.07/bbl from the previous settlement. Earlier, the contract fell to a low of $84.52/bbl, down $1.29/bbl from the previous close.

Meanwhile, November Brent crude on London’s ICE futures exchange was trading at $109.89/bbl, down 84 cents from the previous close.

Crude futures wiped out its gains on Tuesday after the Slovakia parliament voted to reject a plan to expand the European Financial Stability Fund (EFSF) that should help prevent the debt crisis in the region from spreading.

Slovakia is the last country in the 17-member eurozone to vote on the issue.

OPEC on Tuesday cut its oil global demand growth forecast for this year and 2012 because of the weak economic outlook in industrialised countries.

OPEC now expects world oil demand growth to be at 900,000 bbl/day in 2011, down by 180,000 bbl/day from its previous forecast, while the forecast for 2012 has been revised down to 1.19m bbl/day, down from the previous forecast of 1.27m bbl/day.

($1= €0.73)

By: Nurluqman Suratman

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