Crude falls $1/bbl on record Italian borrowing costs

09 November 2011 11:09  [Source: ICIS news]

LONDON (ICIS)--Brent crude futures fell by more than $1/bbl on Wednesday morning as Italian borrowing costs hit a new record high, sparking fears among investors over debts held by the eurozone’s third-largest economy.

At 10:20 GMT, December Brent crude on London’s ICE futures exchange was trading at $114.17/bbl, having earlier hit a low of $113.86/bbl, a loss of $1.14/bbl from the previous close.

December NYMEX light sweet crude futures (WTI) were at $95.75/bbl, down by $1.05/bbl. Earlier the US benchmark had dropped to $95.52/bbl, a loss of $1.28/bbl from the previous close.

The yield on Italian 10-year bonds reached the 7% mark, the highest since the formation of the eurozone, increasing concerns among investors and offsetting earlier hopes caused by Italy's Prime Minister Silvio Berlusconi offering to step down. 

($1 = €0.72)

By: Neha Popat
+44 208 652 3214

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