U.S. oil futures settle at a 2-week low as recession fears bite

Oil futures declined on Tuesday, with U.S. prices settling at their lowest in two weeks. The drop comes as recession fears are mounting, with the International Monetary Fund expecting one third of the world economy to go into a recession, while New York Fed President William Dudley says a U.S. economic downturn is likely. All this doesn’t really make investors feel good about the oil demand outlook, said Phil Flynn, senior market analyst at The Price Futures Group. The U.S. benchmark WTI crude for February delivery
CLG23,
-4.01%
fell $3.33, or nearly 4.2%, to settle at $76.93 a barrel on the New York Mercantile Exchange, the lowest finish for a front-month contract since Dec. 20, FactSet data show.