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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Slides More than $7 on Inflation and Iraq Exports

Oil Inflation Iraq OPEC SOMO
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US, November 24, 2019. (Reuters)

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports.

Brent crude futures for October settlement were down $7.12, or 6.8%, at $97.97 a barrel by 12:20 p.m. EDT (1620 GMT) after touching a session low of $97.91 a barrel.

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