Oil plunged for the second time in a few days on concerns that a global economic slowdown will ultimately hobble oil demand.
West Texas Intermediate tumbled toward $104 a barrel. Investors are concerned about the impact of sharply higher US interest rates and Federal Reserve Chair Jerome Powell is due to testify before Congress Wednesday on his bid to curb inflation raging at the fastest pace in decades. Inflation is also raging outside the US, with UK price rises hitting a fresh 40-year high.
Since a spike after Russia invaded Ukraine, oil markets have been grappling with a liquidity crisis with futures holdings falling to the lowest since 2016, leaving headline prices prone to outsized swings. The U.S. crude benchmark