Oil prices fall two percent yesterday as investors grew more risk-averse, which hurt stock markets and boosted the U.S. dollar, but oil drew support from signs that some U.S. Gulf output will stay offline for months due to storm damage.
Brent crude fell $1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86
The dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande’s solvency spooked equity markets and investors braced for the Federal Reserve to take another step toward tapering this week.
Readers Bureau, Contributor
Edited by Jesus Chan
Do you want to add feedback to this story?
Please add a comment in the box below or send an email to firstname.lastname@example.org, send us a message on WhatsApp at 646-874-7976 or Call us at 201-500-7715