Oil prices fell to a six-week low, today, as worries about the perilous state of Spain's finances returned to the fore, snuffing out gains after Japan's central bank became the latest to further open its monetary taps. Although there was no specific news, but there were rumors that Spain could seek a bailout. So Brent November crude fell 80 cents, to 111.23 dollars a barrel and touched its lowest since August 8. U.S. October crude lost 41 cents, at 94.88 dollars a barrel. Oil rose earlier as Japan followed the U.S. Federal Reserve and said it would boost asset purchases in the face of a slowing global economy, spurring hopes other central banks would follow suit. Oil is down 4.5 percent so far this week. Analysts said the US fiscal cliff still hangs above the market.
News On AIR | September 19, 2012 7:51 PM
Oil prices fall to six-week low