Oil Drops Led by Other Commodities and US Stocks
Both New York’s Light Sweet and London’s Brent grades of oil fell today, following the abrupt end of the US stock market rally and the declines in other commodity markets, namely gold and silver.
Light Sweet crude oil erased the gains of its last 5 days of rally and reached the lowest level since September 7. Brent has managed to renew it September low today. Both posted biggest daily drops since late June.
Today’s extremely pessimistic Empire Manufacturing Index report, aggressive
Light Sweet tumbled about 3.1 percent today and is trading near $95.99 per barrel as of 19:43 GMT. Meanwhile, Brent lost almost 3.2 percent in a single trading session and is currently trading at $113.06 per barrel.
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