Crude oil prices fell on Wednesday as the euro zone debt concern escalated and reinforced concerns about slowing economic growth, while U.S. gasoline futures jumped more than 3% due to depressed inventories and supply uncertainty.
Brent November crude fell 41 cents to settle at$110.04 a barrel, after stumbling to $108.45. Brent hit a six-week low of $107.10 last Thursday, but remained on track this week to post a 12 % gain for the third quarter.
U.S. November crude tumbled $1.39 to settle at $89.98 a barrel, below its 100-day moving average of $90.27 and the lowest settlement and first under $90 since Aug. 2. Wednesday’session low of $88.95 was its lowest since prices hit $87.23 intraday on Aug. 3.
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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
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