Oil falls below $ 114 on economic concerns

Oil prices slipped yesterday, extending the previous session’s slide, as investor focus shifts from the likely economic benefit of central bank stimulus to concerns about sputtering global economic growth that prompted the US Federal Reserve to launch its bond-buying program. Also pressuring oil, a senior Gulf source told Reuters that a majority of OPEC members want oil prices around $ 100 per barrel and would be increasing production over the next few months. Brent November crude fell 40 cents to $ 113.39 a barrel by 1539 GMT, having dropped as low as $ 112.59. US October crude was down 32 cents at $ 96.30 a barrel, having swung from $ 95.39 to $ 97.23, straddling the 200-day moving average of $ 96.57. The October contract expires on Thursday. Monday’s steep, rapid intraday sell-off left Brent down more than $ 5 at the day’s low and US crude off more than $ 4. The sell-off came after Brent and US crude did not extend the previous week’s surge on the Fed stimulus that sent prices to four-month highs. From : Arabnews