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"Softening Iranian tensions and deteriorating fundamentals are responsible for the majority of the correction," Morgan Stanley said in a report. "New signs of emerging market weakness, in China in particular, present downside risks to global demand growth. A fall in Brent to the low $90s is possible." In other energy trading, heating oil was down 0.2 cent at $2.62 per gallon while gasoline futures fell 0.9 cent at $2.58 per gallon. Natural gas gained 1.4 cents at $2.65 per 1,000 cubic feet.
[Associated
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