The broad-based S&P 500 finished at 2,976.74, up 0.5 per cent for the session and 1.2 per cent for the quarter.Bourses in Europe and Asia finished the day mixed.
Oil prices fell sharply following reports that Saudi Arabia had essentially restored its production following attacks on its oil infrastructure September 14 that initially led to a big spike in prices. The retreat in prices also followed remarks by Saudi leader Mohammed bin Salman on"60 Minutes" that endorsed a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks."Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said.
"The region represents about 30 per cent of the world's energy supplies, about 20 per cent of global trade passages, about four per cent of the world GDP. Imagine all of these three things stop," he said. "This means a total collapse of the global economy and not just Saudi Arabia or the Middle East countries."A note from S&P said that while US recession risk has increased, it still views a recession as"unlikely" within the next 12 months.
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