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Oil price drops below US$87
Source: Agencies |
October 24, 2012, Wednesday
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THE price of oil fell to a three-month low yesterday as big corporations cut earnings forecasts, raising concerns about economic growth and oil demand.
Benchmark oil dropped US$1.98, or 2.3 percent, to finish at US$86.67 per barrel in New York. Oil has lost about 6 percent since Thursday, the biggest three-day drop in a month.
Oil has plunged as jitters on Wall Street have migrated to the energy markets. 3M Co., with products ranging from Scotch tape to traffic sign coatings, and Posco, the big Korean steel maker, were among the major companies on yesterday that cut forecasts because of weak economic growth in China and Europe. Caterpillar Inc., the big machinery company, did the same on Monday. That gloominess has sent most global stock markets sharply lower.
"The poor earnings reports seem to have rekindled worries that the global economy is under pressure and slowing," said Tradition Energy oil analyst Gene McGillian.
Brent crude fell US$1.19, or 1.1 percent, to end at US$108.25 per barrel in London. Brent has dropped more than 5 percent in the past six trading sessions.
In other energy futures trading in New York:
- Heating oil fell 3.33 cents to finish at US$3.043 per gallon.
- Natural gas broke the trend, rising 8.3 cents to end at US$3.535 per 1,000 cubic feet after falling sharply Monday.
Benchmark oil dropped US$1.98, or 2.3 percent, to finish at US$86.67 per barrel in New York. Oil has lost about 6 percent since Thursday, the biggest three-day drop in a month.
Oil has plunged as jitters on Wall Street have migrated to the energy markets. 3M Co., with products ranging from Scotch tape to traffic sign coatings, and Posco, the big Korean steel maker, were among the major companies on yesterday that cut forecasts because of weak economic growth in China and Europe. Caterpillar Inc., the big machinery company, did the same on Monday. That gloominess has sent most global stock markets sharply lower.
"The poor earnings reports seem to have rekindled worries that the global economy is under pressure and slowing," said Tradition Energy oil analyst Gene McGillian.
Brent crude fell US$1.19, or 1.1 percent, to end at US$108.25 per barrel in London. Brent has dropped more than 5 percent in the past six trading sessions.
In other energy futures trading in New York:
- Heating oil fell 3.33 cents to finish at US$3.043 per gallon.
- Natural gas broke the trend, rising 8.3 cents to end at US$3.535 per 1,000 cubic feet after falling sharply Monday.
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