Oil falling amid fears for global economy, WTI drops almost 5%
YEREVAN, September 19. /ARKA/. The downward motion of oil prices accelerated on Friday, WTI plunged more than 4% amid investors' fears for the world economy, Prime reports.
Oil prices sank on Friday (Sep 18) after the US Federal Reserve expressed doubts about the strength of the global economy as it held off from an interest rate hike.
US benchmark West Texas Intermediate for delivery in October dropped $2.22 to $44.68 a barrel from Thursday's close. Brent North Sea crude for November delivery lost $1.61 to $47.47 a barrel in London trade.
The Federal Reserve held its key interest rate locked near zero Thursday, citing worries about how the slowdown in China will hit the US economy.
Worries about slowing growth particularly in China, the world’s second-biggest economy, have roiled global markets in recent weeks.
“Investor uncertainty will continue and each economic data point and other news out of China will be sliced and diced,” Keith Lerner, chief market strategist at SunTrust Bank in Atlanta, is quoted by news agencies. --0---
Oil prices sank on Friday (Sep 18) after the US Federal Reserve expressed doubts about the strength of the global economy as it held off from an interest rate hike.
US benchmark West Texas Intermediate for delivery in October dropped $2.22 to $44.68 a barrel from Thursday's close. Brent North Sea crude for November delivery lost $1.61 to $47.47 a barrel in London trade.
The Federal Reserve held its key interest rate locked near zero Thursday, citing worries about how the slowdown in China will hit the US economy.
Worries about slowing growth particularly in China, the world’s second-biggest economy, have roiled global markets in recent weeks.
“Investor uncertainty will continue and each economic data point and other news out of China will be sliced and diced,” Keith Lerner, chief market strategist at SunTrust Bank in Atlanta, is quoted by news agencies. --0---