Crude Retreats as Demand Concern Flares While Draghi Boosts Euro
- S&P 500 falls for a 2nd day as raw-materials producers sink
- ECB's Draghi not sure economic risks warrant fresh support
Market Swings to Offset Rate Hike
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U.S. crude oil tumbled below $45 a barrel amid renewed concern over global demand, sending energy stocks lower in light American trading. The euro strengthened as Mario Draghi downplayed the need for more monetary stimulus.
West Texas Intermediate crude led declines in commodities, sinking 4.1 percent after data on refinery output added to concerns over slowing demand. The euro rallied from a three-week low after the European Central Bank chief said it is too soon to promise additional stimulus. Weak Chinese manufacturing data torpedoed emerging-market assets, with Brazil’s real sliding to a fresh record low on concern over the country’s finances.