Oil Continues Downward Movement After Sell Off

Reuters reported that oil prices continued to fall after Monday’s sell off, driven down by concerns about lack of economic growth in the United States and the news that OPEC producers favor an oil price of $100 per barrel.

As quoted in the market news:

Brent November crude fell $1.05 to $112.74 a barrel by 12:51 p.m. EDT (1651 GMT), having dropped as low as $112.52.

U.S. October crude was down 52 cents at $96.10 a barrel, having swung from $95.39 to $97.23, straddling the 200-day moving average of $96.57. The October contract expires on Thursday.

U.S. November crude was down 55 cents at $96.40.

Click here to read the full Reuters report.