Oil Falls Below $70 on Economic Woes, Stronger Dollar
Oil prices tumbled Wednesday afternoon following a global equities selloff, as traders feared oil demand would be strained by the looming economic downturn.
The Organization of Petroleum Exporting Countries, which supplies some 40% of the world’s oil, is expected to substantially cut production later this week in a bid to boost sagging prices. However, bearish economic sentiment, gloomy corporate earnings, and a strengthening dollar are ruling the day.
The benchmark oil contract recently traded lower by $5.25 to $66.93. Oil now trades 54% lower than the record high it reached in mid-July. More from FoxBusiness
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