Crude Spirals to 18-Month Low Amid Global Economic Concerns - Bloomberg

Crude Spirals to 18-Month Low Amid Global Economic Concerns - Bloomberg:

Crude fell to the lowest level in a year and a half as concerns over the global economy and turbulence in Washington overshadowed signals from OPEC that it may deepen output cuts.

Futures slid 6.7 percent in a shortened Christmas Eve session in New York, joining a rout in U.S. stocks as investors assess the threat from a government shutdown. The latest tumble left crude prices down 44 percent since reaching a four-year peak in October -- including a 19 percent falloff since OPEC and Russia announced major output cuts earlier this month.

“As stocks get taken down and there is nervousness across financial markets, it’s just undercutting prices here,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. "The demand outlook continues to be called into question."