Crude extends losses to more than $2/bbl

09 November 2011 14:41  [Source: ICIS news]

LONDON (ICIS)--Crude futures extended losses on Wednesday to more than $2.00/bbl after the US markets opened, as Italian borrowing costs hit a new record and sparked fears among investors over debts held by the eurozone’s third-largest economy.

At 14:00 GMT, December Brent crude on London’s ICE futures exchange was trading at $113.38/bbl, having earlier hit a low of $112.36/bbl, a loss of $2.64/bbl from the previous close of $115.00/bbl.

December NYMEX light sweet crude futures (WTI) were at $95.58/bbl, down by $1.22/bbl. Earlier, the US benchmark dropped to $94.54/bbl, a loss of $2.26/bbl from the previous close of $96.80/bbl.

The yield on Italian 10-year bonds climbed to 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.

By: Tony Dillon
+44 20 8652 3214

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