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Oil Declines by Most in Two Weeks Amid Global Growth Fears

  • WTI crude in overbought territory since earlier this month
  • Lockdowns in Eastern Europe, Russia fueling growth concerns
A BP Refinery As Oil Demand Increases
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil slid by the most in two weeks, falling from overbought territory amid concerns around global economic growth. 

Futures in New York fell 1.1% on Thursday after holding at the highest since 2014 this week. Technical indicators have signaled oil has been due for a pullback since earlier this month. Meanwhile, the resurgence of lockdowns in Eastern Europe and Russia due to rising coronavirus cases are threatening the global economic recovery that has buoyed commodities and energy markets.