Downward trend sets in as oversupply fears grow

摘要

CRUDE futures extended declines midweek after a big rise in weekly US inventories that fanned worries about an oversupplied market. The softness was aided by weak economic readings in the US and signs of easing tensions between Saudi Arabia and Iran. Wall Street fell more than 1% for the second straight session, with stocks hitting a fresh one-month low, as September's weak private payrolls report added to concerns of a slowdown in the world's largest economy.