Oil Slumps on Fears Over Economic Slowdown, Stronger Dollar

Oil Slumps on Fears Over Economic Slowdown, Stronger Dollar
An oil field worker works at a pump jack in PetroChina's Daqing oil field in China's northeastern Heilongjiang Province on Nov. 5, 2007. (Stringer (China)/Reuters)
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LONDON—Oil prices slumped on Monday as investors were concerned that aggressive U.S. interest rate hikes might weaken the global economy and fuel demand while a stronger dollar also weighed.

Brent crude futures for October settlement fell $1.60, or 1.6 percent, to $95.12 a barrel by 0900 GMT.