ITR - NEWS - Oil Price Drops Again - BBC World News - InTouchRadio.net UK - GLOBAL

BBC World News - InTouchRadio.net UK - GLOBAL

Oil Price Down

on

Recession Fears

ITR Question: When will be see price drop at the Petrol Stations? - A Week - A Month?

Oil prices have fallen amid continued fears that demand will sink if the global economy falls into recession.

US light, sweet crude fell $2.44 to $72.10 a barrel. London Brent crude fell $2.31 to $68.49 a barrel.

Oil prices are about half what they were in July this year, when they hit a record above $147 a barrel.

"The market is just very worried about a severe international economic downturn," said David Moore at Commonwealth Bank of Australia.

"They're thinking that oil consumption will be weaker than expected."

On Wednesday, US economic data showed that retail sales fell 1.2% in September, a sign that consumers were tightening their belts.

Also the US central bank's Beige Book report, which reflects the economic conditions, said the economy had showed further signs of contraction, fanning fears that the US economy is already in a recession.

According to Mr Moore, oil cartel group Opec is tipped to cut production when it next meets in November.

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