Oil prices drop as demand worries prevail
Oil prices fell on Friday as traders worried about a deteriorating demand outlook, News.Az reports citing Xinhua.
The West Texas Intermediate (WTI) for November delivery decreased 1.74 U.S. dollars, or 2.1 percent, to settle at 79.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 53 cents, or 0.6 percent, to settle at 87.96 dollars a barrel on the London ICE Futures Exchange.
The pullback came as oil participants grew fearful that aggressive monetary tightening by central banks could increase the risk of a recession, hurting demand for fuel.