Selloff in energy prices led the decline in global financial markets. Forecasts by IEA and OPEC that world oil supply remain abundant weighed on energy prices. the front-month WTI crude contract slumped -3% while the Brent crude contract was down -2.53%. Refined products also dropped with heating oil and RBOB gasoline contracts losing -1.29% and -0.96% respectively.
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Oversupply led to Selloff in Oil Prices