LONDON: Global oil prices tumbled below $107 a barrel yesterday, tracking a sharp sell-off in stocks and emerging markets as worries mounted over an economic slowdown in China. Expectations that the US Federal Reserve will taper its stimulus package next week were also weighing on prices.
Brent, the international benchmark, accelerated its decline to fall 93 cents to $106.65 by 1232 GMT, but was on course to end the week at its highest since December 20. It ended 69 cents lower the prior session after weak factory activity data from China US oil, or WTI, fell 35 cents to $96.97 by 1232 GMT, after settling 59 cents higher on Thursday. It was still set to record its biggest weekly rise since December 6
“There is a spike in risk aversion. We have seen a fall across all risky assets and crude is one of them,” said Carsten Fritsch, analyst at Commerzbank.
Reuters
