Oil drops for third straight session on weak European economic data

NEW YORK: Oil prices fell on Tuesday (Oct 24) for the third straight session after a flurry of slow economic data from Germany, the eurozone and Brita...

The relative strength of the US economy helped lift the dollar, making dollar-denominated oil more expensive for holders of other currencies. – AFPpicOil prices fell on Tuesday for the third straight session after a flurry of slow economic data from Germany, the eurozone and Britain weighed on the outlook for energy demand.

German readings suggested a recession in that country is under way. Britain’s businesses reported another monthly decline in activity, highlighting recession risks ahead of the Bank of England’s interest rate decision next week. In contrast to Europe, US data showed business output ticked higher in October as manufacturing pulled out of a five-month contraction. The relative strength of the US economy helped lift the dollar, making dollar-denominated oil more expensive for holders of other currencies.

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