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Oil slumps on renewed global growth fears

January 22, 2019

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Oil futures slumped Wednesday, under pressure after a warning from the International Monetary Fund and weak economic data out of China underlined concerns about global economic growth.

West Texas Intermediate crude for February delivery CLG9, -1.71% fell $1.01, or 1.9%, to $53.03 a barrel, while March Brent LCOH9, -1.69% lost $1.24, or 2%, to trade at $61.50 on ICE Europe.

“Oil prices are under pressure due to new economic concerns. The IMF yesterday lowered its forecast for global economic growth this year, particularly because of the less dynamic growth expected in Europe. The NDRC, the state planning agency in China, sees a risk of a further cooling of the Chinese economy,” wrote analysts at Commerzbank, in a note.

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