LONDON: Global oil prices slid yesterday, with Brent hitting four-month lows, as the dollar soared against the euro after the European Central Bank cut its main interest rate.
Brent crude was weighed down also by prospects of a deal over Iran’s nuclear standoff, analysts said, while losses for New York oil prices were capped by a lower-than-expected stockpiles rise, traders said.
Brent North Sea crude for delivery in December hit $103.52 a barrel, the lowest point since July 2, before firming slightly to $103.82 in late London deals. The contract had closed at $105.24 a barrel on Wednesday. New York’s main contract, West Texas Intermediate for December, was down 48 cents to $94.32 a barrel.
Analysts said the decline in Brent prices was tempered by concerns over Syria, the extended closure of key oil facilities in Libya, and by the political situation in Egypt which many fear could escalate.
AFP
