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Brent Oil Reaches Lowest Level in 9 Months on Slowing Economic Growth
Apr. 16, 2013 02:55PM PST
Oil and Gas InvestingBloomberg reported that Brent crude fell below $100 a barrel, its lowest since July, as signs of weak economic growth have lowered demand.
Bloomberg reported that Brent crude fell below $100 a barrel, its lowest since July, as signs of weak economic growth have lowered demand.
As quoted in the market news:
Brent fell below $100 because of the economic outlook in Europe and China,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.4 billion. “The picture in Europe looks horrible and the Chinese growth rate is slowing, which means oil demand isn’t going to rise as much as we expected.