Saturday , December 7 2019

Oil slumps as fears of global slowdown rise


Oil tumbled the most in a week as global financial markets swooned and the swelling US crude stockpiles reinforced the fears about an economic slowdown.
Futures slipped more than 5 percent in New York, joining a slide in equities.
American crude inventories registered a surprise increase for the second straight week, US data showed on Wednesday, although gasoline demand was also healthy.
Investors were already fleeing commodities and other higher-risk assets as sagging Treasury yields sounded alarm bells for a recession.
“People are panicking,” said Mark Waggoner, president of Oregon brokerage Excel Futures Inc.
“They are saying ‘I can’t be long crude here if the economy is going to slow down.’”

About Admin

Check Also

Abu Dhabi’s Waha Capital sells its stake in AerCap

Abu Dhabi / WAM Waha Capital recorded a net gain of AED40 million through the ...

Leave a Reply

Your email address will not be published. Required fields are marked *