21 December 2012 15:05 [Source: ICIS news]
LONDON (ICIS)--NYMEX light sweet crude futures extended losses to over $2.00/bbl on Friday to take the front-month February WTI contract below $88.00/bbl after talks to avert a budget crisis in the US reached an impasse, leading to concerns over falling energy demand from the world’s largest oil consumer.
By 14:45 GMT, February NYMEX crude had hit a low of $87.96/bbl, a loss of $2.17/bbl from Thursday's close of $90.13/bbl, before recovering to around $88.25/bbl.
At the same time, February Brent crude on ICE Futures was trading around $109.00/bbl, having hit a low of $108.75/bbl, a loss of $1.45/bbl from the previous close of $110.20/bbl.
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