Brent crude down $1/bbl on eurozone debt fears

22 August 2012 12:24  [Source: ICIS news]

LONDON (ICIS)--Crude prices fell more than $1.00/bbl on Wednesday to take Brent crude on ICE Futures below $114.00/bbl, falling in tandem with global stock markets on new concerns over the eurozone crisis.

This followed calls by Greek Prime Minister Antonis Samaras for more time to make difficult cuts ahead of crucial talks on his countrys EU-International Monetary Fund (IMF) bailout.

By 11:00 GMT, October Brent crude had hit a low of $113.53/bbl, a loss of $1.11/bbl from Tuesday’s close of $114.64/bbl, before recovering to around $113.70/bbl.

At the same time, October NYMEX light sweet crude futures were trading around $96.50/bbl, having hit a low of $96.45/bbl, the latter a loss of 39 cents/bbl from the previous close of $96.84/bbl.

By: Tony Dillon
+44 20 8652 3214

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