Oil Tanks On Worst Day In Six Months

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Oil prices plummeted on Thursday, joining global sell-offs in equities, as the escalating US-China trade war came into the spotlight again, dampening the outlook for economic and oil demanded growth in a day after the EIA reported further increases in US stockpiles of crude .

WTI Crude plunged below the $ 60 barrel handle for the first time since March, and Brent Crude prices below $ 70 per barrel for the first time since early April.

As of 11:25 a.m. EDT on Thursday, WTI Crude was plunging more than 5 percent — by 5.26% at $ 58.19, while Brent Crude was tumbling 4.45% at $ 67.83.

Both WTI and Brent are on their track for their worst daily and weekly drops in six months.

The oil and stock markets were hard hit by the US economy, which has been a major cause of the global economy. the year.

China can not resume until the U.S. After the fruit of the world. addresses its ″ wrong actions. "

"If the U.S. would like to keep on negotiating it, with sincerity, adjust its wrong actions. Only then can talks continue, "CNBC quoted Gao Feng, spokesperson at the Chinese Ministry of Commerce, as saying on Thursday.

The U.S. manufacturing growth figures for May, which showed the weakest peace of growth in almost a decade, and further dampened sentiment in the markets, and the Dow tumbled by nearly 400 points.

Oil prices were beaten by the clouded outlook on the global economy and oil demand, on top of yesterday's bearish EIA inventory report, which showed a crude oil inventory of 4.7 million barrels in the week to May 17.

By Tsvetana Paraskova for Oilprice.com

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