Crude prices are slipping on Wednesday morning as contracts were sold off amid increasing risk aversion in the wake of the US Federal Reserve's downgrading of the US recovery and a slowdown in Chinese oil growth, analysts said.
The Brent front month North Sea oil contract was last heard USD 0.40 softer at USD 79.20/bbl. On Nymex, meanwhile, the counterpart WTI contract went through USD 0.40 lower at USD 79.85/bbl.
On Tuesday, the Brent contract closed USD 1.39 lower at USD 79.60/bbl, while the WTI contract ended the session USD 1.23 softer at USD 80.25/bbl.
Mittwoch, 11.08.2010, 08:19 Uhr
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