Oil slumps 7 percent as equities slide fuels demand worries | Reuters

Oil slumps 7 percent as equities slide fuels demand worries | Reuters:

Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.

U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT). The contract fell as much as 7.7 percent earlier in the session to $52.77 a barrel, the lowest since October 2017.

So far in the session, more than 868,000 front-month WTI contracts had changed hands, exceeding the daily average over the last 10 months.