Oil Prices Crash On Recession Fears

Oil prices fell sharply on Wednesday as weak economic data out of China and crude oil inventory gains in the United States’ spooked oil markets. WTI fell more than 5% on Wednesday after booking sizable gains the day prior. At 1:11pm EDT, WTI was trading down -$3.07 (-5.38%) at $54.03. Brent crude fared almost as poorly, with the global benchmark falling $2.96 per barrel (-4.83%) to below $60 again, at $58.34. On Tuesday, the API reported a surprise crude oil inventory build of nearly 4 million barrels, unsettling markets that had seen huge…