Oil Prices Sink As Economic Concerns Continue To Dominate Markets

Crude oil started trade this week with a decline, based on Asian trade data from earlier in the day, as traders’ worry about the state of the global economy trumped any expectations of tight supply. At the time of writing Brent was trading at below $74 per barrel and West Texas Intermediate had slipped below $70 per barrel as fears of a possible U.S. debt default continue to run high while Congress remains locked in negotiations over the debt ceiling. Legislators need to agree on a higher debt ceiling as soon as possible because the state’s…