Economics
Oil Slumps Into Bear Market as Trade Tensions Feed Demand Angst
- Brent has fallen 21% since late April as U.S., China face off
- 8th straight drop for American crude stocks can’t dent loss
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Brent oil slid into bear-market territory, as the U.S.-China trade spat threatened to expand into a currency war and investors despaired about the damage to crude demand.
The rout for London-traded futures picked up speed as Tuesday’s session drew to a close, with Brent ending the day down 1.5%. The global benchmark has now fallen more than 20% since a late-April peak, meeting the common definition of bear market.