Oil plummets, on track for biggest weekly drop in 2019 [Reuters]
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Source: Reuters
Oil plummets, on track for biggest weekly drop in 2019 - Reuters 3 Min Read NEW YORK (Reuters) - Oil prices plunged on Thursday, losing about 5% as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months. Oil coursed downward with other global markets as concerns grew that the China-U.S. trade conflict was fast turning into a technology cold war between the world’s two largest economies. While the trade war is the main cloud over economic growth and demand predictions, market participants also pointed to weakening U.S. data and overfull U.S. crude stockpiles. “Again, we’re seeing the effect of worries about the trade issue on demand,” said Gene McGillian, vice president at Tradition Energy in Stamford, Connecticut. Funds and money managers who had built up long positions are “heading to the exits” as trade concerns dim the demand outlook, he said. Brent crude futures, the international benchmark, settled
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