Brent crude dips below $100/bbl for first time since October 2011

01 June 2012 10:27  [Source: ICIS news]

LONDON (ICIS)--Crude prices extended losses to more than $2.00/bbl on Friday to take Brent crude on ICE Futures below $100.00/bbl on the back of disappointing Chinese manufacturing data and the ongoing eurozone debt crisis.

By 09:10 GMT, July Brent crude had hit a low of $99.60/bbl, a loss of $2.27/bbl from Thursday’s close of $101.87/bbl, before recovering to around $100.00/bbl.

At the same time, Jul NYMEX light sweet crude futures were trading around $84.95/bbl, having hit a low of $84.78/bbl, a loss of $1.75/bbl from the previous close of $86.53/bbl.

This is the first time Brent crude has fallen below $100/bbl since early October 2011.

By: Tony Dillon
+44 20 8652 3214

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