So too did West Texas Intermediate crude oil futures lose value during the Tuesday trade session. Brent crude futures slumped to levels lower than $100 per barrel for the first time in about nine months after global regulator the International Monetary Fund slashed its forecast for global growth.
"Brent fell below $100 because of the economic outlook in Europe and China," chief market strategist Bill O'Grady with Confluence Investment Management in St. Louis told the news source on Tuesday. "The picture in Europe looks horrible and the Chinese growth rate is slowing, which means oil demand isn't going to rise as much as we expected."
At 4 p.m. on Tuesday, WTI crude oil futures edged up 0.09 percent, a 2-cent gain to $88.79 per barrel. At 4 p.m., Brent crude oil futures slumped 0.61 percent, a 76-cent slip to $100.02 per barrel.
Reuters reports concerns are growing for global demand for the energy commodity, which are offshoots of slowing growth and development.
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