Oil plunges in worst day of 2019 amid China trade jitters
Oil spiraled to its worst daily performance of the year as mounting trade tensions between the world’s biggest economies sent investors fleeing from risky assets.
Futures in New York fell as much as 5.7% Thursday for the steepest intraday decline since Dec. 24. Equity markets also slumped: the Dow Jones Industrial Average dropped more than 400 points after the Chinese Communist Party’s flagship newspaper published two commentaries warning of a “technology cold war” with the U.S.
West Texas Intermediate crude for July delivery fell 5.2% to $58.21 a barrel at 10:29 a.m. on the New York Mercantile Exchange. Brent, the international crude benchmark, fell as much as 4.9% to $67.53.
Growing gloom over worldwide trade amplified the decline that accelerated Wednesday after a surprise jump in American crude stockpiles. Inventories rose by 4.7 million barrels last week to the highest level since mid-2017, despite expectations for a drop, while fuel stockpiles also climbed, according to the U.S. Energy Department.
https://www.msn.com/en-us/money/markets/oil-plunges-in-worst-day-of-2019-amid-china-trade-jitters/ar-AABM9Ey?li=BBnbfcN
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