Oil prices fall as world stock markets plunge
Container and bulk rates also fall as Wall Street erases all of 2018’s gains; global growth concerns continue to weigh on oil demand
London — Oil prices fell on Thursday as Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011, with investors shedding risk in an uncertain political landscape. Brent crude oil fell 82c, or 1.1%, to a low of $75.35 before recovering a little to trade at $75.87 by 9am GMT. The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on October 3. US light crude was 30c down at $66.52. “The market looks negative, with lower numbers likely,” said Robin Bieber, technical analyst at London brokerage PVM Oil. “Expect spirited rallies,” he said, adding that he considers such spikes as selling opportunities. Financial markets have been hit hard by a range of worries, including the US-China trade war, a rout in emerging-market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy. Weakness is also starting to show in container and dry-bulk rates, both of which have declined significant...
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