Crude-oil futures tumbled nearly 5% to settle at less than $56 on the New York Mercantile Exchange, continuing their worst two-day selloff since December 2004.
Here is Thursday’s roundup of oil and energy news:
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SELLOFF MAY SIGNAL SLOWDOWN: The brutal selloff in crude oil, copper and other commodities in recent days may be a signal that market participants expect a slowdown in the global economy, “likely one of considerable magnitude,” MarketWatch reports. Then again, the terrified flight of speculators from commodity markets isn’t helping much, either, Market Beat points out.