Economic concerns deepen oil selloff.

Oil prices fell below $70 a barrel in New York due to concerns over a potential US recession, leading to a selloff of riskier assets and a potential decrease in fuel demand. Despite OPEC+ production cuts, crude prices have struggled in 2023, with short sellers regaining control and prices potentially overshooting to the downside. The US labor market and financial stability are also causing anxiety, while data from the American Petroleum Institute showed mixed results for supply and demand. Russia has not sustained a drop in crude flows despite its pledge to cut production.