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The cost of oil fell today to $ 108 a barrel, as investors have reacted to Iran's threat to halt exports, if the West is to tighten sanctions and focused on the fragile state of the global economy and its impact on oil demand.
Concerns about the state of the economy was revived after the world's largest manufacturer of tractors and excavators Caterpillar Inc (CAT.N) warned that the pace of economic slowdown, increased more than expected. Gloomy outlook adds concerns about the Middle East and the possibility of seating in the Atlantic Basin.
Prices were also under pressure on expectations that U.S. crude inventories rose for the third straight week, as imports rebounded.
Oil reserves are expected to have increased by 1.7 million barrels for the week ended October 19. Recall that in the previous week, domestic oil reserves rose by 2.9 million barrels to a level of 369.2 million barrels, according to the Energy Information Administration.
Iranian Oil Minister Rostam Ghasemi said Tehran could stop oil exports if the pressure from Western sanctions intensify. Note also the country's oil exports have fallen to their lowest level in more than two decades.
Also influenced the growth of oil in the Middle East. At least seven people were killed and dozens wounded in a shootout in the Lebanese capital Beirut and the coastal areas of Tripoli on Monday. The clashes intensified fears that a civil war is now seeping into Syria, Lebanon, and could spread throughout the region.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is $86,18 per barrel on the New York Mercantile Exchange.
December futures price of North Sea Brent crude oil mix is now $107,72 a barrel on the London Stock Exchange ICE Futures Europe.