Crude oil fell amid skepticism that interest rate cuts will be sufficient to bolster the global economy and increase fuel demand.
Crude oil for December delivery dropped 69 cents, or
1 percent, to $66.81 a barrel at 9:53 a.m. on the New York
Mercantile Exchange. Futures touched $70.60, the highest
since Oct. 22. Prices, which have tumbled 55 percent since
reaching a record $147.27 on July 11, are down 26 percent
from a year ago.
Brent crude oil for December settlement declined 94 cents,
or 1.4 percent, to $64.53 a barrel on London's ICE Futures
Europe exchange. Futures touched $68.35 earlier today, the
highest since Oct. 22.
No comments:
Post a Comment