Commodities market is ‘alternating its focus,’ strategist says

Reuters

Oil dives nearly $6 a barrel on demand fears, Iraq exports

HOUSTON (Reuters) -Oil prices fell nearly $6 a barrel on Tuesday, the steepest decline in about a month, on fears that fuel demand could soften as global central banks hike rates to fight surging inflation, and as unrest in Iraq failed to dent the OPEC nation’s crude exports. Brent crude futures for October settled down $5.78, or 5.5%, at $99.31 a barrel after touching a session low of $97.55 a barrel. With inflation near double-digit territory in many top economies, central banks could resort to more aggressive interest rate increases, slowing economic growth and fuel demand.

Leave a Reply

Your email address will not be published. Required fields are marked *