Oil prices slid to near $106 a barrel Tuesday as concerns about global economic growth and crude demand outweighed the supply risks posed by the prolonged tensions over Iran’s nuclear program.
By early afternoon in Europe, benchmark oil for April delivery was down 69 cents to $106.03 in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to settle at $106.72 per barrel in New York on Monday.
In London, Brent crude was down 68 cents at $123.12 per barrel on the ICE Futures Exchange.
On Monday, China lowered its official growth target to 7.5 percent from 8 percent, cementing concerns that the Asian exporter — a bellwether for global economic activity — will see business slow down.
For more: Oil slides to $106 on global growth concerns - DailyHerald.com
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