Crude Oil Futures Drop Amid Slowing Economic Data

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The price of crude oil futures slipped on Monday, pulled down by concerns about demand for the energy commodity by the globe's two top economic powers, Bloomberg reports .

Oil-rich Iran, whose nuclear ambitions have drawn sanctions from Western nations, agreed to talks with the U.N and additional nations, which also pulled down the price of oil . The commodity has lost value in three of its past four sessions.

"The payroll number seems to be quite negative, so probably people are thinking there will be a slowdown in the economy in the U.S.," commodity fund manager Tetsu Emori with Astmax in Tokyo told Bloomberg. "It might be regarded as a downside risk for the oil market and also for oil demand."

At 3:28 p.m. on Monday, crude oil futures fell 0.69 percent, an 85 cent loss to $122.58 per barrel.

MarketWatch reports the energy commodity was under pressure as officials from the U.S., China and other countries prepare for meetings with Irani officials slated to begin Friday in Istanbul, Turkey.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , Business , Commodities

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