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Oil prices tanked today to five-week lows despite larger-than-anticipated crude draws. This was the largest one-day drop since January and the lowest since March 24th. Recession fears have been the big driver of bearish sentiment as of late. “The U.S. economy continues to evolve in a manner consistent with a recession commencing later this year,” analysts at Barclays, a bank, said in a note. “The manufacturing sector is contracting, the consumer is struggling, There are broadening signs of cracks emerging within the labor market,” Barclays said. The market is also on edge about ongoing debt ceiling negotiations and the chance of a US government default. WTI traded down $4.00 or -5.3% to close at $71.66. Brent traded down $3.99 or 5% to close at $75.32.