Energy News Headline Posted By https://www.commodityscanner.com Keep In Touch:-9045797577,9068270477
Oil slumps on fears over economic slowdown, stronger dollar.
Oil prices slumped on Monday, ending three days of gains, as investors were concerned aggressive U.S. interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure.
Brent crude futures for October settlement declined $1.58, or 1.6%, to $95.14 a barrel by 0640 GMT.
U.S. West Texas Intermediate (WTI) crude futures for September delivery, due to expire on Monday, were down $1.70, or 1.9%, at $89.07 a barrel. The more active October contract was at $88.92, down $1.52, or 1.7%.
