Commodity Corner: Brent Falls on Fresh Fears
Brent crude crashed Monday on fresh concerns about Europe's ongoing debt crisis.
Germany's Finance Minister Wolfgang Schaeuble said Monday that European governments would not have a definitive resolution by the end of the Oct. 23 summit. Monday's remarks dampened investor optimism and pressured the euro to fall from its one-month high against the dollar.
Brent crude for December delivery fell $2.07 to $110.16 a barrel while light sweet crude declined 42 cents to settle at $86.38 a barrel.
Brent fluctuated between $109.74 and $112.32 during its first session for the December contract. Meanwhile, the intraday range for the WTI was $85.88 to $88.18 a barrel.
A recent rally lost momentum Monday pushing natural gas prices lower. Natural gas lost 1.5 cents to end at $3.69 per thousand cubic feet on the New York Mercantile Exchange. Prices traded as low as $3.64 for the beginning of the week. Meanwhile, gasoline futures also ended the session at $2.74 a gallon, down 2.9 percent.