Oil slumps on fears over economic slowdown, stronger dollar | Reuters
Oil prices slumped on Monday as investors were concerned that aggressive U.S. interest rate hikes might weaken the global economy and fuel demand while a stronger dollar also weighed.
Brent crude futures for October settlement fell $1.60, or 1.6%, to $95.12 a barrel by 0900 GMT.
U.S. West Texas Intermediate (WTI) crude futures for September delivery, due to expire on Monday, were down $1.56, or 1.7%, at $89.21 a barrel.
The more active October contract was at $88.92, down $1.52, or 1.7%.
On Friday both Brent and WTI climbed for a third straight day, but fell about 1.5% on the week on a stronger dollar and demand concerns.
No comments:
Post a Comment