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Oil slumped as fears of a global economic slowdown overshadow the threat of tighter crude supplies from OPEC and its partners.
West Texas Intermediate settled near $89 a barrel, further trimming gains that crude made last week in the wake of a decision by the Organization of Petroleum Exporting Countries and its allies to cut output. Prominent Wall Street figures, including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, said the US and global economies are likely to sink into recession next year. The International Monetary Fund and World Bank also saw rising risks of a slowdown.
Oil Price Edges Lower as Global Recession Concerns Eat Into … – Bloomberg
