Oil Still Down Despite Middle Eastern Turmoil

- October 23rd, 2012

Reuters reported that conflict in the Middle East has still not brought about a rise in oil prices, in part because worries about slowing worldwide economic growth and the ongoing Eurozone crisis still abound.

Reuters reported that conflict in the Middle East has still not brought about a rise in oil prices, in part because worries about slowing worldwide economic growth and the ongoing Eurozone crisis still abound.

As quoted in the market news:

Brent December crude fell $1.55 to $107.89 a barrel by 2:05 p.m. EDT (1805 GMT).

Brent fell to $107.31 during Tuesday’s session, the lowest level since September 20 and below the 100-day moving average of $107.42.

U.S. December crude was down $2.43 at $86.22 a barrel, having fallen to $85.69, the lowest since mid-July.

Click here to read the full Reuters report.

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