The downing of an Iranian drone in the Strait of Hormuz wasn’t enough to lift oil prices, which slid to the lowest in almost a month amid pessimism about the global economy.
Futures tumbled 2.6% on Thursday in New York, the fourth consecutive daily loss. Prices managed to climb about 60 cents after President Donald Trump said the U.S. had downed an Iranian drone in the Persian Gulf, but even that wasn’t enough to push the market up.
Instead, crude joined a decline for tech and consumer stocks amid a spate of disappointing corporate earnings, alongside signs that Beijing and Washington are making little progress on a trade deal. Read More
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