Commodities
Oil Prices Slide as Middle East Fears Flare
Oil prices dipped on September 11 but remained on track to end the week above $100 a barrel for the first time since mid-May, as attacks along key Middle East shipping routes stoked fears of more supply disruptions.
The recent surge in oil prices sparked a sell-off in US markets that dragged Asian stocks and bonds down. Brent crude futures fell 3.21% to $104.18 a barrel by day’s end on September 11, while US West Texas Intermediate crude dropped 2.89% to $99.52 a barrel.
UBS energy analyst Giovanni Staunovo said that 'some headlines of possible new talks in the Middle East are weighing moderately on oil prices today.'