Oil Spirals Below $47 as Dark Clouds Envelop Demand Outlook - Bloomberg:
Economic jitters and surging supplies from the U.S. to Russia hammered oil again, with crude suffering its biggest decline in more than three weeks.
Futures slid 7.3 percent in New York on Tuesday, putting prices on track for their worst quarterly loss since the start of the last oil market crash in late 2014. Anxieties over growth swirled as Chinese President Xi Jinping appeared to push back against U.S. President Donald Trump in a Beijing speech and American investors braced for an interest-rate hike. Another late-afternoon fizzle for U.S. equities added to the dour outlook.
“Sentiment is negative, it’s low-volume trading and we’re not getting any good news," said Ashley Petersen, lead oil analyst at Stratas Advisors in New York.
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