The price of crude oil fell below $96 as to $95.72 per barrel on the New York Mercantile Exchange over concerns over economic stimulus in the US.The Oil for October delivery rose as $1.03 to $98.29 a barrel in electronic trading on the New York Mercantile Exchange and was trading at $98.10 this afternoon at the time of reporting.
The contract fell 99 cents to$96.27 per barrel in New York after Thursday trading. The fall took away all the gains made after the details from the U. S. Federal Reserve's latest policy meeting indicated that the authorities are considering taking more steps to boost the economy. The oil market was expecting an announcement relating to bond-buying.
The Brent crude fell 47 cents to $114.54 on the ICE Futures exchange in London. The Standard & Poor's GSCI gauge of 24 commodities climbed 0.7 percent to 681.68 while the UBS Bloomberg CMCI index of 26 raw materials rose
0.6 percent to 1,608.2701.
Factors like slower supply from North Sea oil production due to an upcoming maintenance, ongoing tensions between Iran and the western countries and Violence in Syria have pushed oil prices higher. These North Sea curbs and potential disruptions in the Middle East had helped push prices above$100 a barrel.
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