Oil Extends Selloff on Demand Downgrades

Commodities remained under pressure in European session. Risk appetite continued to trim as macroeconomic outlook appeared to have deteriorated. In the oil market, crude oil declined for the second consecutive day with the front-month WTI crude oil contract extending weakness to a 4-day low of 96.51 and the equivalent Brent crude contract falling to as low as 111.29. The spread of WTI and Brent crude oil widened to 14 and below as Cushing stock soared.

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Oil Extends Selloff on Demand Downgrades