Brent falls $1 as demand outlook worsens
London, May 8, 2012
North Sea Brent crude oil fell more than $1 per barrel on Tuesday, hit by reports of high oil production and expectations of lower demand as economic growth slows in the West.
Brent crude futures for June slipped to a low of $112.11, down $1.05, before recovering a little to trade around $112.25 at 1119 GMT.
US crude oil futures followed a similar path, falling to a low of $$96.71, down $1.23, but then rallying to around $97.00.
Saudi Arabian Oil Minister Ali Al-Naimi said on Tuesday the world's biggest exporter was pumping around 10 million barrels per day (bpd), near its highest for decades. – Reuters