Oil tumbles on demand worries; stocks hit by trade, economic fears

Credit: Reuters- Published on June 12, 2019
Oil prices slid 4% on Wednesday on higher U.S. crude inventories and a bleaker demand outlook, while uncertainty over the U.S.-China trade war and U.S. economic data weighed on stocks.
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Credit: Wochit Business
Published on June 12, 2019 -  00:50
Demand Worries Hurt Oil
According to Reuters, Oil futures sank on Wednesday amid higher U.S. crude inventories and a weaker demand outlook, while uncertainty over the U.S.-China trade war and its potential economic impact weighed on stock markets. Hedge fund managers have been liquidating bullish oil positions at the fastest rate since late 2018 amid growing economic fears.

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