Oil and gas prices slumped today as expectations for a continued weakening of the global economy loomed. Crack spreads were on track for the lowest close since March. Downside risks continue to persist especially with a slowdown in China threatening to drag down the broader global economy. World Bank Chief Economist Indermit Gill said he was concerned about “generalized stagflation,” a period of low growth and high inflation, in the global economy, noting the bank had pared back forecasts for three-fourths of all countries. Major railroads and unions secured a tentative deal to avoid a strike. The prospect of the strike was lending some support to the market over the last couple of days. “The oil complex is drafting back down on U.S. dollar strength and the tentative agreement that would avert a U.S. rail workers strike,” analysts at energy consulting firm Ritterbusch and Associates said, noting crack spreads were weak. WTI traded down $3.38 or -3.8% to close at $85.10. Brent traded down $3.26 or -3.5% to close at $90.84.