Crude Oil Slides Below $44, Lowest Since August

Crude oil prices continued to tumble Monday, settling at their lowest level since August on diminished global demand.

A price war within OPEC is also denting oil prices. Iraq and Kuwait are supposedly undercutting Saudi Arabia by a few dollars per barrel in selling oil to Asia.

Traders await Wednesday’s Federal Reserve decision to see its impact on the dollar. If the Fed hikes rates and the dollar strengthens crude oil will likely move lower.

Dec. oil settled at $43.98/bbl on Nymex, down 62 cents, or 1.4%.

New home sales in the U.S. fell by much more than anticipated in the month of September, according to a report released by the Commerce Department on Monday, with sales falling to their lowest level in ten months.

The report said new home sales tumbled 11.5 percent to an annual rate of 468,000 in September from the revised August rate of 529,000.
The material has been provided by InstaForex Company – www.instaforex.com