Brent oil price dips under $106 as stock markets crash lower

23 September 2011 23 September 2011

SondraHunter

Brent crude oil futures open today’s trading session under $106 a barrel as global stock markets crashed lower yesterday, dragging oil prices and other commodities down as mounting fears over the global economic outlook sparked another sell off.

Latest Brent Oil Price

In London, Brent crude oil futures for November 2011 delivery was trading at $105.93 a barrel, 06.20 GMT on the ICE Futures Exchange. Brent fell 4.5 percent yesterday and closed at $105.43.

Stock Markets

Markets across Europe shared the gloom, with the German Dax losing 4.9 percent and France’s Cac falling by 5.2 percent. Wall Street was also bathed in red, with the Dow Jones down 444 points, or 3.99 percent, by early afternoon in New York.

London’s leading shares index is braced for another rocky day after panic over the state of the global economy triggered its biggest fall in nearly three years.

The slump – the biggest points fall since November 2008 – came after the US Fed delivered a gloomy view of the economy and failed to inspire traders with its latest emergency measures.

“The future is so uncertain. The world could look significantly different in a month’s time. Greece could have defaulted, we could be in the middle of a banking crisis, a bank could have even gone bust.” said Louise Cooper, markets analyst at BGC Partners.

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