LIVE CRUDE OIL UPDATE::
Oil headed for the biggest two-day drop since July, with fuels from diesel to gasoline also declining as fears over a worsening trade war rattled markets across the board.
Futures dropped as much as 1.8 percent in New York, after sliding 2.4 percent Wednesday. As trade tensions between the U.S. and China escalate, investors are shunning risk assets from equities to oil on fears over slowing growth. The S&P 500 Index slumped the most since February while the Nasdaq 100 Index had its worst day in seven years. Meanwhile, Hurricane Michael became the strongest storm to hit the U.S. mainland since 1992 as it made landfall in Florida, slashing fuel demand in the Southeast.
“It’s a typical spillover effect and oil’s been hit by the widespread sell-off in risk assets as the intensifying trade row stokes concerns over sluggish global demand,” Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone. “If it were not for the trade dispute, the oil market probably would have kept its momentum on lingering supply risks.”
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