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Oil Prices Drop As Demand Worries Prevail
(MENAFN- Trend News Agency)
Oil prices fell on Friday as traders worried about a deteriorating demand outlook, reports citing .
The West Texas Intermediate (WTI) for November delivery decreased 1.74 U.S. dollars, or 2.1 percent, to settle at 79.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 53 cents, or 0.6 percent, to settle at 87.96 dollars a barrel on the London ICE Futures Exchange.
The pullback came as oil participants grew fearful that aggressive monetary tightening by central banks could increase the risk of a recession, hurting demand for fuel.
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