Oil prices rise as global market fears grow
Oil prices rose as investors worried about the risk of a potential global supply disruption continued to rise.
Oil markets in the United States, the European Union, Russia, and Canada rose after the OPEC cartel, led by Saudi Arabia, cut production, prompting fears of a global supply crunch.
Prices in Europe and Japan fell, while the Australian dollar fell.
The rally came as investors were also taking stock of the impact of the U.S. election on oil prices.
US crude oil futures CLc1 closed up $2.80, or 2.7%, at $44.76 per barrel, up from $44 on Wednesday.
Brent crude LCOc1 settled down $1.75, or 1.6%, at US$44.27 per barrel.
The S&P 500 index SPX, +0.00% fell 1.7% and the Nasdaq Composite Index COMP, +1.13% lost 0.9%.
U.K. crude CLc2 settled up $1, or 3.5%, at £38.83 per barrel while Brent crude CLb2 finished up $5.10, or 5.4%, at Brent US$42.70 per barrel and Brent US $42.50 per barrel respectively.
The Shanghai Composite index SFX, -0.20% was up 0.2%.