Brent oil slips below US$97 a barrel

Publish date: Wed, 01 Oct 2014, 12:32 AM

LONDON: Brent oil slipped below $97 a barrel yesterday, hit by dollar strength and ample supply, and was heading for its deepest quarterly drop in more than two years.

The dollar surged to a four-year high against a basket of currencies and a two-year high against the euro, making oil more expensive for holders of other currencies.

Brent for November delivery was down 33 cents at US$96.87 per barrel by 1403GMT. It has lost nearly 14 per cent in the third quarter, its biggest quarterly drop since April-June 2012.

US crude was down 84 cents at US$93.73 a barrel and was also on track for its biggest quarterly fall since the second quarter of 2012.

"The longer term trend is towards a falling price because China is slowing down and growth in Europe remains weak," said Michael Hewson, chief market analyst at CMC Markets. Reuters

Discussions
Be the first to like this. Showing 5 of 5 comments

林俊松

Why global oil price dropping but local oil price increasing??

2014-10-01 22:57

tc2012

one explanation , msia is manage by idiots

2014-10-01 23:01

LokLok

Yes, because of our government is set up by group of vampire.

2014-10-01 23:02

林俊松

Haiz... Brunei shell Ron97 only 53 cents~

2014-10-02 00:01

Hustle

Brent & petrol is a different substance, our local production actually is more quality and the most important it is halal.

2014-10-02 08:39

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