Oil Market Darkens as Technical Breaches Spur a Selling Frenzy
- WTI crude formed its ‘death cross’, a bearish technical signal
- Fears of Chinese demand slowing dominate market sentiment
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Oil benchmarks tumbled to their lowest in more than six months as demand concerns emanating from China prompted a wave of selling that turned into a frenzy as prices breached technical warning levels.
West Texas Intermediate extended losses to settle below $82 a barrel while Brent closed at $88, their lowest since January. A dollar gauge reached an all-time high on Wednesday, offering a macro headwind to commodities at a time when the oil market is grappling with potential slowing demand in China.