Crude oil prices crash over $6 a barrel in investor sell off

Both Brent and light crude oil prices have seen a big sell off in early afternoon trading today, crashing over $6 a barrel for both contracts as traders and investors pulled money from across commodities markets on concerns about interest rate rises and demand destruction.

Latest Oil Prices

In London, Brent crude oil futures for June 2011 delivery was down $6.88 to $114.31 a barrel, 16.23 GMT on the ICE Futures Exchange, while US WTI oil futures fell $6.15 to $103.00 a barrel on the NYMEX.

This is turning out to be the biggest weekly fall for Brent and US WTI crude oil since early July 2010.

Oil Market Hit By Gloomy Data

“Bearish news is hitting the market from every quarter. Germany started us off with a very poor factory reading, then the spike in US weekly jobless claims and an apparently less hawkish ECB have combined to accelerate and punctuate the sell-off.” said John Kilduff, a partner at Again Capital in New York.

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Crude oil prices crash over $6 a barrel in investor sell off