LONDON, Sept 24: Oil prices slumped on Monday, mirroring the pattern seen across stock markets and on concerns over a weak demand outlook for crude, traders said.

Brent North Sea crude for delivery in November slumped $2.12 to $109.30 a barrel in late London deals and after a brief rebound at the end of last week. New York’s benchmark contract, West Texas Intermediate crude for November, shed $1.59 to $91.30 a barrel. Oil prices had headed higher on Friday after a week of sharp falls, but analysts remained bearish on the prospects for further slow global economic growth.

“Concerns over Europe have caused some selling in... equities, and in connection to that also in oil futures,” Victor Shum, an analyst with Purvin and Gertz energy consultancy, told AFP.

European Union President Herman Van Rompuy on Monday called for a fresh sense of urgency in tackling the eurozone debt crisis in the run up to a “crucial” summit of national EU leaders next month.

“Europe is on the way out of the crisis,” Van Rompuy said in a video statement before attending the UN General Assembly in New York this week.

But amid stalemate over the need or otherwise for a full Spanish sovereign bailout, over whether to give Greece more time to meet budget and reform commitments and over how far and fast to push eurozone and the EU banking union, Van Rompuy warned against complacency.—AFP

More From This Section

Ecnec okays Rs62bn projects

ISLAMABAD: The Executive Committee of the National Economic Council (Ecnec) on Friday approved Rs62 billion worth...

Cabinet approves LNG import

ISLAMABAD: The much-awaited import of liquefied natural gas (LNG) as an additional source of energy was finally...

Cotton output rises to 13.39m bales

KARACHI: As the diminishing flow of phutti (seed cotton) arrivals from cotton fields into the ginning units extended...

Dar’s statement helps dollar gain 1pc

Dar’s statement that the dollar will be kept around Rs98 to support the export industry created panic-like situation.


Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Cartoons
E-PAPER
Front Page