NYMEX crude down $1/bbl on demand concerns

10 September 2012 14:57  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell over $1.00/bbl on Monday to take the front-month October WTI contract close to $93.00/bbl on concerns over oil demand because of the flagging global economy, although there were hopes the US Federal Reserve could still announce plans for another round of monetary stimulus to boost the US economy.

By 13:35 GMT, October NYMEX crude had hit a low of $95.34/bbl, a loss of $1.08/bbl from Friday's close of $96.42/bbl, before recovering to around $95.70/bbl.

At the same time, October Brent crude on ICE Futures was trading around $114.20/bbl, having hit a low of $113.99/bbl earlier in the day, a loss of 26 cents/bbl from the previous close of $114.25/bbl.

By: Tony Dillon
+44 20 8652 3214

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