The Wall Street Journal reported that oil futures travelled downward after reports of disappointing economic growth in important crude-consuming nations such as China, Germany and the United States.
As quoted in the market news:
Light, sweet crude for November delivery settled 96 cents, or 1%, lower, to $91.93 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange recently fell $1.64, or 1.5%, to $109.78 a barrel.
“The economy is weak from a global standpoint,” said Tony Rosado, broker at Dorado Energy Services in New York. “This market wants to travel to the sub-$90s,” he added, referring to the price of U.S.-benchmarked crude.