This is shaping up to be the worst week for oil in about a year, concerning investors already worried about an over grown supply in the U.S.
Bloomberg reports, “Futures traded in New York are on track to post a 7.8 percent slump this week as equities tumbled around the world. Adding to the alarm was data that showed U.S. oil production at a new high, and key technical indicators pointing to a further retreat in prices. West Texas Intermediate earlier slumped close to $60 a barrel, all but erasing this year’s gain.”
This slump in the market exemplifies a volatile week in trading.