Oil prices fall after downbeat week

Oil prices dipped on Monday, extending the losses they had suffered in the prior week, as concerns over a deteriorating demand outlook continued to weigh on the market.

The West Texas Intermediate (WTI) for December delivery decreased 35 cents, or 0.44 percent, to settle at 79.73 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 17 cents, or 0.19 percent, to close at 87.45 dollars a barrel on the London ICE Futures Exchange.

Last week, the WTI shed 9.98 percent, while the global crude benchmark dropped 8.7 percent, based on the front-month contracts.

Traders continued to worry that a global economic slowdown would subdue demand for energy.

A rally in the U.S. currency also presented a headwind. The dollar index, which measures the greenback against six major peers, jumped 0.85 percent to 107.8350 in late trading on Monday.

About Famagusta Gazette 6212 Articles
In addition to our Mediterranean perspective, Famagusta Gazette publish extensive coverage of world news, travel and tourism features, and financial information. Follow us on Twitter @FamagustaG