Oil prices fall sharply on global demand fears

Oil prices dropped yesterday as economic data from China and Europe renewed concerns about a slowdown in global demand.

Brent crude for November delivery fell $3.40 to $108.17 a barrel, while US crude was $3.75 down at $88.14 a barrel, the BBC reports. In September, Brent crude hit a four-month high of $117.95, but analysts said many factors that pushed up prices, including tensions between Iran and Israel, had now abated. Weaker data from China, showing its services sector expanded at a slower pace in September, was one contributing factor to the sell-off in oil and other commodities. That, coupled with weakness in European economies, signalled there would be plenty of supply, according to the BBC....