Oil prices fall by more than a dollar at settlement

Oil prices closed down by more than a dollar per barrel at the close of trading on Wednesday. Brent crude futures fell $1.15, or 1.49 %, to $76.05 per barrel at the close. US West Texas Intermediate crude fell $1.24, or 1.69 %, to settle at $71.93 per barrel. It is noteworthy that oil prices were affected by economic problems in China, as data last week showed that new home prices fell at the fastest pace in nine years, while Chinese refineries sharply reduced crude processing rates last month due to weak fuel demand. Source: National Iraqi News Agency