Crude oil struggles for traction after plunge, stocks sag


Crude oil struggles for traction after plunge, stocks sag

Oil prices struggled for traction on Wednesday after sinking on worries about weakening world demand and oversupply, while global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga.

U.S. crude futures dived 7 percent the previous day, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.38 per barrel for a loss of 0.55 percent, following a descent to a one-year low of $54.75 overnight.

Brent crude was down 0.2 percent at $65.33 per barrel after tanking 6.8 percent on Tuesday and set an eight-month trough of $64.61. Read More

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