Brent Falls Below $120/bbl As Sell-Off Continues

Crude futures tumbled Tuesday, with Brent falling below $120.00 per barrel for the first time since the beginning of April.

Oil extended Monday's fall, as the market continued to digest news that ratings agency Standard & Poor's had downgraded its view of U.S. government debt, playing into fears over the state of the global economy and the impact that high oil prices could have on its fragile recovery.

At 0904 GMT, the front-month June Brent contract on London's ICE futures exchange was $1.33, or 1.1%, lower at $120.28 a barrel.

The front-month May contract on the New York Mercantile Exchange was trading down 99 cents, or 0.9%, at $106.13 per barrel.

The ICE's gasoil contract for May delivery was down $6.25, or 0.6%, at $998.50 per metric ton, while Nymex gasoline for May delivery was 400 points, or 1.2%, lower at $3.2128 per gallon.

Read Full Article from Wall Street Journal

- Posted: 2011-04-19 05:08:17

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