Commodities
Oil Slips Below $80 Amid Economic Concerns, Sufficient Supply
- China’s crude consumption outlook worsens as economy wobbles
- WTI prompt-spread collapses in sign tightness is disappearing
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Oil extended declines as traders digested signs of weakening economies and ample supplies while awaiting more clues on the Federal Reserve’s path for interest rates.
Global benchmark Brent slumped below $80 a barrel for the first time since July, extending its two-day decline to more than $5. US benchmark West Texas Intermediate slid 2.6% to below $76, the lowest in more than three months.