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Brent Dives To 6-month Low Below $ninety nine, U.S. Crude At $76

SINGAPORE (Reuters) – Brent crude plunged to a six-month trough beneath $ninety nine a barrel on Tuesday in a two-session drop of more than $10, after a U.S. credit score downgrade intensified fears about a worldwide slowdown in demand for vitality, sending commodities markets tumbling.

Brent crude fell as much as $5 to $98.Seventy four a barrel, the lowest intraday price since February eight, and was down $4.06 at $ninety nine.68 by 0200 GMT, down from an April peak above $127. U.S. crude fell $4.83 to $76.Forty eight, after touching $75.71, its lowest since September 2010.

“I’m surprised how far it has fallen in all markets, that is panic,” mentioned Jeremy Friesen, a commodity strategist at Societe Generale in Hong Kong.

“Demand hasn’t pulled back up to now day, it is just speculation that it’s going to, however eur oil and gas as precipitously as markets are falling, we don’t have time to await economic knowledge. There are some critical risks to the global financial system, so there will be expectations that policymakers will likely be aggressive in shoring up confidence.”

Investors await the Federal Open Market Committee assembly on Tuesday for clues to whether or not the U.S. central bank might ease monetary coverage additional.

Asia’s stock markets took a beating on Tuesday, following deep losses on Wall Avenue, as investors weigh the chance of one other U.S. recession and a worsening sovereign eur oil and gas debt crisis in Europe.

Major indexes across the region fell between 2 and 5 %, following a drop of greater than 6 percent on Wall Road in the first trading session since the historic downgrade of the United States’ AAA credit score ranking by Commonplace & Poor’s.

U.S. President Barack Obama on Monday called for pressing action on the funds deficit, however his proposal on taxes was promptly rebuffed by Republicans. The G7 finance ministers’ and central bankers’ pledge on Sunday to assist clean markets if wanted offered little solace.

The S&P downgrade added to concern about vitality demand on the planet’s high oil consumer. U.S. gasoline demand for July fell to the bottom stage since 2003, based on data from the U.S. Power Information Administration.

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