Oil Prices Tank On Global Demand Concerns

Oil prices plunged on Tuesday morning, with the Brent benchmark sliding to $40 a barrel, as the market looks increasingly concerned that oil demand recovery is faltering with the end of the U.S. driving season and weak refining margins in Asia. As of 9:40 a.m. EDT on Tuesday, WTI Crude was down 6.97 percent at $37.00—the lowest level since the middle of June, and Brent Crude was plummeting 4.50 percent at $40.04, also the lowest price since June. The difference in performance between the two benchmarks today is due to a Labor Day settlement…