Oil Breaks Below $90 Amid Slowing Global Demand
CNBC Senior Commodities Correspondent & Personal Finance Correspondent
Oil futures fell below $90 a barrel Monday on concerns about slowing global demand amid strong U.S. production and robust supplies.
Money managers had signaled a possible move lower for West Texas Intermediate crude, as they reduced their net long positions last week by three percent. Meanwhile, money managers raised net long positions in Brent crude slightly.
The European Union hit Iran with a new slate of sanctions, including restrictions on oil tanker traffic, which may have helped to minimized some of the losses in Brent crude.
WTI futures hit an intraday low of $89.82 a barrel .
December Brent futures, which is the most active contract, were below $114 a barrel. (Read More: Get Oil and Natural Gas Prices Here)
The widening premium of Brent to WTI oil futures—now about $24 a barrel—may also help to exacerbate the slide in WTI futures.
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