24 September 2012 13:00 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures fell sharply on Monday, with ICE Brent futures falling by more than $2/bbl at one stage, undermined by a stronger US dollar and growing concerns over economic weakness in the leading consuming nations.
At 11:37 GMT, November Brent crude on London’s ICE futures exchange was trading at $110.18/bbl, down by $1.24/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $109.42/bbl, down by $2.00/bbl.
November NYMEX light sweet crude futures (WTI) were trading at $91.80/bbl, down by $1.09/bbl from the previous close. Earlier, the US benchmark fell to a session low of $91.34/bbl, down by $1.55/bbl.
Concerns over the German economy were heightened after the widely followed Ifo Index, which monitors German business sentiment, fell for the fifth consecutive month in September.
The continued decline in German business confidence raised concerns that recent measures from the European Central Bank (ECB) to buy bonds from debt-laden eurozone nations such as Spain may not stimulate much hoped for economic growth.
The US dollar strengthened against leading currencies as investors looked for safety. The stronger US dollar made dollar-denominated commodities such as oil less attractive to investors.
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