Crude Slumped on Concerns over Economic Outlook

Crude oil prices plummeted yesterdays in the face of the broadly steady market. Disappointing services PMIs from China, the UK and the Eurozone heightened concerns over the global economic outlook, upstaging positive US economic data. The front-month contract for WTI crude oil prices plunged to 87.7, the lowest level since August 3 before ending the day at 88.14, down -4.08%, while the Brent crude contract fell -3.05% and settled at 108.17.

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Crude Slumped on Concerns over Economic Outlook