Oil Plunges On Fears Of Weak Demand

Oil prices sank once again on Wednesday, falling on flagging oil demand and growing fears of an economic slowdown. The EIA reported another jump in crude oil inventories last week by 2.2 million barrels, which helped exacerbate the selloff. A string of inventory gains has fueled fears of weak demand at a time when other economic indicators are flashing red.  Demand is weakening in large part because of a deceleration in the global economy. Weak indicators continue to emerge from China and Europe, as well as in the United States. As John Kemp…