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Oil Breaks Below $90 Amid Slowing Global Demand

Monday, 15 Oct 2012 | 10:43 AM ET

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.

Follow Sharon on Twitter: @sharon_epperson

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  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Sharon Epperson is CNBC's senior commodities and personal finance correspondent.

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.

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