Business Standard

Oil prices slide more than $7 on inflation concerns and Iraq exports

Investors will watch the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC-plus, on Sept 5

Oil, Brent Crude, Oil Prices, Oil Companies
Premium

Oil, Brent Crude, Oil Prices, Oil Companies

Reuters HOUSTON
Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports.
 
Brent crude futures for October settlement were down $7.12, or 6.8%, at $97.97 a barrel by 12:20 p.m. EDT (1620 GMT) after touching a session low of $97.91 a barrel.
 
The October contract expires on Wednesday and the more active November contract was at $97.10, down 5.7%.
 
U.S. West Texas Intermediate crude dropped

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 30 2022 | 10:39 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com