17 October 2011 16:11 [Source: ICIS news]
LONDON (ICIS)--The front-month ICE Brent crude oil futures contract fell by more than $1.60/bbl on Monday afternoon, after gaining more than $1.60/bbl earlier in the day.
The fall in the front-month contract came after German Finance Minister Wolfgang Schaeuble said an EU summit on 23 October would not resolve the European sovereign debt crisis.
By 14:25 GMT, December Brent crude had hit a low of $110.58/bbl, a loss of $1.65/bbl from Friday’s close of $112.23/bbl, before recovering to around $111.20/bbl.
At the same time, November NYMEX light sweet crude futures were trading around $86.25/bbl, having hit a low of $85.88/bbl, a loss of 92 cents/bbl from the previous close.
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