Crude oil costs plummeted on Wednesday on growing worries in regards to the outlook for international demand and a provide glut.
The well being of the worldwide financial system was foremost on traders’ minds following information from the US that the yield on the benchmark ten-year be aware dropped under the yield on the two-year be aware earlier this morning – which is broadly seen as an indicator of a recession.
Disappointing financial knowledge from Germany and China added to the detrimental sentiment.
As well as, U.S. authorities knowledge confirmed that crude oil inventories rose by 1.6 million barrels final week, fueling fears of a provide glut.
West Texas Intermediate tumbled $1.71 or 3.01 p.c to $55.02 per barrel.
The fabric has been offered by InstaForex Firm – www.instaforex.com