Oil Drops After Warnings on U.S. Economy and Global Crude Demand

(Bloomberg) — Oil dropped toward $39 a barrel — even after a decline in American crude and fuel stockpiles — following warnings over global energy demand and the state of the U.S. economy.Futures in New York fell 1% after rising for a second day on Wednesday. Federal Reserve officials stressed that more fiscal stimulus is critical to sustain the U.S. economic recovery, while the head of commodities trader Mercuria Energy Group said that global oil markets won’t be able to absorb OPEC+ production increases as demand remains weaker than expected.That was after the market found support on Wednesday from Energy …read more

Source:: Yahoo Finance