Oil prices drop almost 1 percent on concerns recession may be looming

FILE PHOTO: FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo

SINGAPORE (Reuters) – Oil prices dropped by almost 1 percent on Monday, with concerns recession could be looming outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $66.56 per barrel at 0410 GMT, down 47 cents, or 0.7 percent, from their last close. […]

Continue reading this article with a Fiji Times online membership.

More Stories