BUSINESS

Oil Prices Drop

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

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