Oil Falls as Global Economic Worries Resurface

Now that the U.S. presidential election is decided, the oil market is back to worrying about the global economy.

Benchmark oil fell $2.67, or 3 percent, to $86.04 per barrel Wednesday in New York. It rose 3.5 percent Tuesday, ahead of President Obama's reelection.

The European Union is warning that the region's economy will deteriorate further and the 17 countries that use the euro will soon slide into recession.

The focus in the U.S. is turning to a package of tax increases and spending cuts known as the "fiscal cliff" that will take effect unless Congress acts by Jan. 1.

Slower economic growth means less demand for oil, gasoline and other energy products.

At the pump, AAA says the national average price for gasoline remains at $3.46 per gallon.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2099865, ~/Articles/ArticleHandler.aspx, 9/17/2014 5:47:13 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement