Crude Oil Tumbles Along With Global Stocks

Crude oil futures fell Tuesday morning, extending big losses from the previous session amid turmoil in the global markets.

U.S. stocks are poised for another rough session following yesterday’s historic sell-off.

The Dow Jones Industrial Average fell 4.6%, or 1,175 points, to 24,346. It was the biggest one-day point drop ever, and worst on a percentage basis since 2011.

With the dollar getting a boost from safe haven demand, crude oil prices have come under pressure this week.

WTI light sweet crude oil was down 81 cents at $63.28 an ounce.

Analysts say that rising U.S. oil production also dented oil prices. U.S. inventories data will be released over the next two days.

There is also concern that Russia and Saudi Arabia will boost production despite pledges to cap output until global oil markets are re-balanced.

The material has been provided by InstaForex Company –

Source:: Crude Oil Tumbles Along With Global Stocks

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply