Oil Continues to Fall as WTI Hits Lowest Price Since 2003 | Consumer Alliance for a Strong Economy

By Georgi Kantchev and Nicole Friedman in The Wall Street Journal

January 20, 2016

NEW YORK—Oil prices slid to fresh lows Wednesday, dragged down by a slide in global financial markets and continued concerns about the glut of crude.

Fears about an economic slowdown in China, the world’s second biggest oil consumer, have rattled financial markets and weighed on the oil market. The fresh worries about demand have further fueled the selloff in oil prices, which has largely been driven in the past 18 months by concerns about ample supplies.

“Global economic forces appear to be driving down demand for commodities,” said Citigroup Inc. in a note. “There is no doubt that declining expectations of global growth are exacerbating the results of oversupply across commodity markets.”