Oil prices dipped on Monday as fears of a global recession caused concerns that fuel demand growth will slow, though supply worries ahead of the European Union embargo on Russian oil in December limited declines.
U.S. West Texas Intermediate crude futures for October delivery was at $84.46 a barrel, down 65 cents, or 0.8%. The October WTI contract expires on Tuesday and the more active November contract as at $84.12, down 64 cents.Both contracts climbed more than $1 earlier on Monday. Last week, oil futures slid more than 1% on concerns that another interest rate hike by the Federal Reserves could slow global growth.
The dollar took a bullish turn on Monday as investors braced for a packed week of central bank meetings that are certain to see borrowing costs rise across the globe, with some risk of a super-sized hike in the United States. A stronger U.S. dollar makes dollar-denominated commodities more expensive for holders of other currencies."The market still has the start of European sanctions on Russian oil hanging over it.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European Slip at the Open as Traders Await This Week's Fed MeetingEuropean markets opened lower Monday, after a tough week which saw stocks fall across the board.
Read more »
Oil prices climb on weak dollar, supply concernsOil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.
Read more »
Court hearing set for Monday in Baltimore’s Adnan Syed caseA court hearing has been set for Monday in Baltimore to consider a request from prosecutors to vacate the 2000 murder conviction of Adnan Syed, whose case was chronicled in the hit podcast 'Serial.'
Read more »