Oil price collapses on weak demand, growth worries

By Felicity Duncan

West Texas oil prices have fallen more than 20% from their October highs as traders worry about oversupply, falling demand, and slowing economic growth. This puts US oil in official bear market territory.

It's a dramatic reversal from the multi-year highs oil was hitting earlier this year and underscores how uncertain the oil market currently is. Worries about the loss of Iranian supply are starting to look overblown while major producers like Saudi Arabia, Russia, and the US have been increasing their production volumes. Yet worries about slowing global growth and emerging market problems are dragging sentiment down.

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