Oil prices tumble on growth worries, stocks diverge [Video]

Oil’s main international benchmark fell below $70 per barrel for the first time since the end of 2021 amid mounting concerns about slowing global growth.

Meanwhile, global stock markets diverged Tuesday as traders assessed the outlook for interest rates in the United States and Europe and awaited the US presidential debate.

Brent crude slumped more than three percent to below the $70 per barrel level for the since December 2021, while the main US contract, West Texas Intermediate (WTI), tumbled four percent at one point.

Oil analyst Tamas Varga at PVM Oil Associates said the OPEC oil cartel revising its demand estimates lower was one reason for the fall, but not the main one as the changes were minimal.

“Chinese economic woes — August crude oil imports fell 7 percent on the year — and the growing belief that the Fed will only cut 0.25 percent next week weigh more …