Arab Today, arab today oil falls amid concerns about global economy
Last Updated : GMT 01:32:16
Arab Today, arab today
Arab Today, arab today

Oil falls amid concerns about global economy

Arab Today, arab today

Arab Today, arab today Oil falls amid concerns about global economy

Bangkok - QNA

The price of oil fell to near $91 on Wednesday over concerns about an economic slowdown in Europe, China and the U.S. By early afternoon in Europe, benchmark oil was down 72 cents to $91.17 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 59 cents to end at $91.89 per barrel in New York on Tuesday. Brent crude, which is used to price international varieties of oil, was down 95 cents to $110.62 a barrel on the ICE Futures exchange in London. Investors remain concerned about Europe’s ongoing financial crisis after Spain’s prime minister said a request for bailout funding isn’t imminent. “The oil market has been under pressure for a fourth consecutive day … amid persistent concerns about a global economic slowdown that currently limits risk appetite,” said a report from Sucden Financial in London. Slower growth in China, which is a huge importer of oil, has also kept a lid on oil prices. Slower growth can cut demand for oil and other energy products. Worries have meanwhile intensified that the U.S. economy will fall off a “fiscal cliff” at the end of the year. That’s when tax increases and deep spending cuts will take effect unless Congress reaches a budget deal. A recession could follow. “There is downside risk in the overall market,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. “Oil is one of those commodities where I think demand is well-covered by current supply capacity.” In other Nymex energy futures trading: ??” Natural gas lost 6.6 cents to $3.465 per 1,000 cubic feet. It ended at $3.531 Tuesday, a high for the year. That price was 85 percent above the low for the year of $1.91 reached in April. ??” Heating oil was down 1.28 cents at $3.1127 a gallon. ??” Wholesale gasoline dropped 4.11 cents to $2.8281 per gallon. 

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