Oil Dives With Investors Fleeing Risk Assets Over Economic Fears
- Flooding impacting China demand, U.S. labor market weakens
- U.S. equities decline, crude oil tumbles the most in two weeks
The Paul B. Loyd Jr drilling rig, operated by Transocean Inc., stands illuminated at night in the Port of Cromarty Firth in Cromarty, U.K.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Oil’s afternoon attempt to hold a rally failed after a breakdown in U.S. equities added to growing negative sentiment spurred by signals of a global economic slowdown.
The coronavirus pandemic is causing a deepening demand fallout from the U.S. to Asia. In America, Congress and the White House face a looming deadline to pass another round of virus relief just as jobless claims rose for the first time since March. In South Korea, data showed the nation’s economy sliding into a recession.