Oil Sinks as Ominous Demand Signals Gather on Multiple Fronts
- JPMorgan sees recession, Fed chiefs warn of more stress ahead
- Brent fell below $90 a barrel for first time since October
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Oil tumbled as everything from Wall Street sentiment to sagging demand for physical barrels of crude pointed toward an economy headed toward a slowdown.
Brent futures fell below $90 a barrel for the first time in six weeks and West Texas Intermediate settled at the lowest since September. While Federal Reserve officials reiterated their resolve to continue raising interest rates and warned of pain ahead, lackluster demand among oil traders for crude this winter signaled a slowdown may already be underway in energy markets.