Oil Slides as Stock Markets Crumble, Shale Drilling Accelerates
- Equities extend slump, while U.S. rig count rose last week
- WTI fell 2 percent to settle at $64.15; Brent falls to $67.62
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Oil’s decline accelerated as the deepening slump in equity and debt markets undermined the outlook for energy demand against the backdrop of swelling U.S. crude production.
Futures fell 2 percent in New York on Monday. Stock markets tumbled around the world, and confidence crumbled in emerging markets and the riskiest forms of debt. The S&P 500 energy index fell 4.4 percent Monday, led by Chesapeake Energy Corp. and Hess Corp., which slid 7.2 percent and 6.9 percent, respectively.