Oil sinks to one-year low as equity slump adds to supply fears

The oil price dipped to a new one-year low in New York, as a sell-off in equities dragged down crude market sentiment, which was already marred by signs of significant US supplies.

Photo: Bloomberg

Oil sank to another one-year low in New York as a sell-off in equities worsened crude market sentiment, already soured by signs of plentiful American supplies.

Futures in New York slipped as much as 4.1 percent after closing below USD 50 a barrel on Monday for the first time since October 2017. The US government expects shale-oil production to surge, potentially swelling already-abundant inventories. Equities across Europe and Asia slid after a speech by Chinese President Xi Jinping offered no new reforms to stimulate the world's second-biggest economy.

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