Brent crude falls more than $1/bbl on eurozone uncertainties

31 October 2011 04:16  [Source: ICIS news]

SINGAPORE (ICIS)--Brent crude prices fell more than $1/bbl on Monday amid cautious trade as investors await a Group of 20 (G20) summit later this week.

At 03:09 GMT, December Brent crude on London’s ICE futures exchange was trading at $108.95/bbl, down by 96 cents from the previous close. Earlier, the North Sea benchmark fell by $1.11/bbl to a session low of $108.80.

December NYMEX light sweet crude futures (WTI), meanwhile, were at $92.78/bbl, down by 54 cents from the previous close. Earlier, the US benchmark fell by 67 cents to a low of $92.65.

Uncertainties over Europe’s ability to cope with its debt crisis continued to weigh on crude markets, despite a plan approved by eurozone officials last week that will strengthen the eurozone rescue fund, recapitalise banks and lower Greece’s debt level.

Traders are now awaiting talks at the G20 summit, which is expected to focus primarily on the debt crisis in the eurozone.

The summit will take place at Cannes in France on 3-4 November.

($1 = €0.71)

By: Nurluqman Suratman

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