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Oil plummets, on track for biggest weekly drop in 2019
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Oil slumps 5%, U.S. crude at its cheapest since March
Oil prices plunged about 5% on Thursday, with U.S. crude at its lowest since March, as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months. '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.
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Oil plummets, on track for biggest weekly drop in 2019
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. Funds and money managers who had built up long positions are 'heading to the exits' as trade concerns dim the demand outlook, he said. U.S. West Texas Intermediate (WTI) crude futures dropped $3.51, or 5.7%, to $57.91 a barrel.
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