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Oil Down on Fears of Global Downturn

Oil prices are slightly down on Monday. Brent on November contracts is trading at $48.2 and WTI with November delivery at $45.2 per barrel. At Friday’s close, Brent was going for $48.31 and WTI was being sold for $45.33 per barrel at the close of the New York trading session.

The price range on the oil market is teetering with investors not having the fundamental reasons to shift the price up or down. Oil quotes are feeling it slightly due to negative stats from China. In August, industrial company profits in the country fell by 8.8% YoY. This is the largest fall for the past four years. Such a large drop in the industrial indicator could lead to instability on the stock markets and the financial market in China. Over the course of the day the effect of this news on the prices should be quickly reversed and by the evening the quotes could be affected by any messages from the UN general assembly.

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