Tuesday's crude trading seemed to dispel widespread notions of the previous session's modest price gains being the start of a recovery, with USA crude diving to its lowest level in over a year due to mounting concerns over a global slowdown in economic growth.
International Brent crude oil futures LCOc1 were at $63.39 per barrel at 0747 GMT, up $86 per barrel, or 1.4 percent, from their last close.
Oil's slide has been largely unimpeded since early October when WTI prices were near four-year peaks.
Futures in NY rose as much as 2%, after plunging more than 6% on Tuesday.
Brent crude in London fell by $0.46 and the price of WTI in NY fell $0,29. Consequently, WTI and Brent crude have dropped 30% and 27% respectively from the peak seen on October 3rd.
"When the stock market comes off 8%-9%, it tends to conjure up images of a weak global economy and that feeds into expectations of weaker than expected oil demand", says Jim Ritterbusch of Ritterbusch and Associates.
The S&P 500 hit a three-week low on Tuesday as weak results and forecasts from big retailers fanned worries about holiday season sales, while tech stocks continued to slide on concerns about iPhone sales.
"Rising global growth fears smashed oil markets and saw European and USA shares slide", futures brokerage CMC Markets said in a daily note.
The S&P energy sector (XLE -2.6%) supplants tech as the stock market's worst performer, as USA crude oil futures sink to fresh one-year lows, falling alongside stocks as investors dump risk assets; WTI -5% at $54.35/bbl, Brent -5.1% at $63.38/bbl.
Expectations for a ninth straight week of USA crude inventory increases also weighed on prices.
Investors fled oil in droves on Tuesday, repelled by a toxic mix that included a global sell-off in stocks, rising doubts on OPEC's commitment to production cuts and escalating trade tensions. U.S. President Donald Trump said Saudi Arabia has been "very responsive" to his requests to keep prices low, calling into question OPEC's resolve to trim supply.
According to recent data, U.S.is producing a record 11 million barrels of crude per day, up 18% since the start of this year.
The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.
Russia's energy minister Alexaner Novak has reportedly remarked that the oil market alliance will monitor supply and demand in the coming weeks before deciding on production levels.
The International Energy Agency (IEA), however, warned OPEC and other producers of the "negative implications" of supply cuts, with many analysts fearing a spike in crude prices could erode consumption.
"The global economy is still going through a very hard time and is very fragile", IEA chief Fatih Birol said.
The Pelosi opponents' theory is, once it's clear she doesn't have the votes, a new leader will emerge. Sixteen Democrats signed a letter that was publicized on Monday to oppose Pelosi for the speakership.
Rodgers thought he was throwing to starting tight end Jimmy Graham , but Graham was out of the game at that point. Both teams entered the week on the outside of the wild card race, in desperate need of a win to keep close .
The barrage of tweets came as France marked the third anniversary of the Bataclan terrorist attacks, which left 130 people dead. "What French people expect from me is to not respond to tweets but to stick to this important history ".
We are ready to accept that and this time around we want to change our fortunes and come out with some exceptional performances. The last time they were here for a Test series was in 2014-15 which India lost 2-0.
Megan Janes says her aunt and uncle, Paradise residents Paula and Randy Dodge, are no longer missing but also "no longer with us". Honea said he was too busy with the emergency and the recovery of human remains to analyse how the evacuation went.
Qassam members discovered the vehicle and chased it, prompting Israeli airstrikes that killed several people, the group said. Israeli military spokesman Jonathan Conricus said he could not yet provide further details on the bus or its passengers.
Indeed, their fans and followers were elated with the pictures and all we could say was they made the wait worth it. Post their nuptials, the newlyweds had shared the official wedding pictures on their social media handles.
In 2017, the North released a U.S. student who had been arrested a year earlier for stealing a propaganda sign. Vice president Pence acknowledged that India had made progress economically, the ministry said.
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Although the people were trying to evacuate, the fire was moving at speed so quick, firefighters didn't attempt to intervene. Not too far away, firefighters were also battling the Hill Fire , which broke out along Hill Canyon in Santa Rosa Valley.
Teenage driver survives spectacular crash at F3 Macau GP
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Rain halts England victory charge against Sri Lanka
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Bollywood actors Singh, Deepika Wednesday in Italy
On October 21, Deepika Padukone and Ranveer Singh had jointly announced that they will be getting married on November 14 and 15. Don't you think the same, guys? And they were seen twinning in the Konkani wedding as well.
This year's I'm A Celebrity line-up
He is 8/1 to be crowned "King of the Jungle ". "But realistically, you know they are not going to do anything that hurts you". The actress, 28, is best known for her roles in The Inbetweeners and Dad's Army, and has also tackled Dancing On Ice.