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Oil Crashes As Recession Jitters Skyrocket

Video Credit: Wochit Business - Duration: 00:35s - Published
Oil Crashes As Recession Jitters Skyrocket

Oil Crashes As Recession Jitters Skyrocket

Business Insider reports a surprise increase in American oil stockpiles ratcheted up fears of a global recession.

Futures fell as much as 5.8% to a seven-month low on Wednesday.

That pushed oil into bear market territory.

Having extra supply dilutes prices, exacerbated by investors' worries that demand may slow.

US-China trade tensions have overtaken threats of supply disruption in the Persian Gulf as the biggest headwind to oil.

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