Economics
Oil Trades Near Four-Day Low Amid Global Economic Growth Concern
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Oil traded close to a four-day low in New York amid concern that the global economy is weakening, threatening to curb demand for fuels.
Futures slid as much as 1.1 percent. Bank of Israel Governor Stanley Fischer said the world is “awfully close” to a recession, adding to concern raised at annual meetings of the International Monetary Fund last week. Hedge funds and other speculators trimmed bets that oil will rise, data from regulators showed on Oct. 12. Iran reiterated an offer to suspend domestic production of medium-enriched uranium before European officials meet to discuss tighter sanctions on the Persian Gulf country.