US oil prices have plunged back into a bear market as economic fears have collided with evidence of a supply glut
The latest bear market — the second in less than seven months — underlines oil's notoriety as the ultimate boom-to-bust commodity. US oil prices tumbled 3.4% to $51.68 a barrel on Wednesday after a government report showed a sudden and unexpected spike in oil stockpiles. That leaves crude down 22% from its April 23 closing high of $66.30.America's refineries really need Mexican oil.
US oil prices began to plunge last month as trade war fears swept across Wall Street. Rising trade tensions with China and Mexico threaten to slow the global economy, denting demand for oil and other commodities. Interestingly, US oil prices continued to retreat the past two days — even as the stock market soared. "A weak macro backdrop started the oil selloff. Now, there are bearish oil stats coming out while stocks rally back," said Fitzmaurice.
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