Oil prices are falling on Tuesday, as the market focus turns towards concerns over demand destruction on the back of the weak global economy, players said.
The front month contract for Brent North Sea crude oil was last seen changing hands at USD 40.71/bbl on the ICE platform, down USD 0.28 on Monday's close.
"Past Opec output cuts partnered with [a] rumoured 1m bbl/day cut in March continue to be out-weighed by a lack of refinery action resulting in large stock builds in the US,” said Jonathan Kornafel at traders Hudson
Dienstag, 24.02.2009, 07:58 Uhr
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