Economics

Oil Continues Two-Day Decline With Concerns Over Global Economy

Futures have fallen almost 20% since late April in New York
‘Demand destruction’ is driving market lower, McGillian says

Workers operate the rotary table and drill pipes on an oil drilling rig, operated by Tatneft PJSC, on an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 6, 2019. Tatneft explores for, produces, refines, and markets crude oil.Photographer: Andrey Rudakov/Bloomberg

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By Jacquelyn Melinek

October 20, 2019 at 10:15 PM UTC

Updated on

October 21, 2019 at 7:45 PM UTC

This article is for subscribers only.

Oil fell for a second session amid concern that a fragile economic outlook will weigh on fuel demand.

Futures declined 0.9% in New York. Policymakers in China, the world’s second-biggest oil consumer, are preparing for two key meetings with fresh evidence that economic growth already at its lowest in almost three decades will continue to slip. Speculators have almost tripled short positions in U.S. crude futures since mid-September as Washington and Beijing struggled to strike a trade deal, according to data on Friday.