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 ?xml:namespace>
Crude futures wiped out its gains on Tuesday after the
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.
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