Brent oil falls to US$114 as sluggish economy outweighs supply risk

11-Oct-12

Brent crude slipped near US$114 on Wednesday after a jump of 2% on Tuesday, and U.S. crude fell to US$92.04, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated, as per Economictimes.com. A stronger U.S. dollar, as investors shied away from risk on concerns about a slowdown in global growth, also weighed on oil prices, making the commodity more costly for holders of other currencies.