Oil Prices Hit A Nine-Month Low On Recession Fears  

 

• Oil prices hit nine-month lows on Monday, driven down by an expected decline in fuel demand as rising interest rates raise the likelihood of global recession, with further price pressure coming from a surging U.S. dollar.
• Brent crude futures for November settlement slipped by 82 cents, or 1%, to $85.33 a barrel at 1110 GMT. The contract fell as low as $84.51, the lowest since Jan. 14.
• S. West Texas Intermediate (WTI) crude for November delivery dropped 74 cents, or 0.9%, to $78. WTI dropped as low as $77.21, the lowest since Jan. 6.
• Both contracts slumped by about 5% on Friday. The dollar index that measures the greenback against a basket of major currencies climbed to a 20-year high on Monday. A stronger dollar tends to curtail demand for dollar-denominated oil.

(Source: Reuters)