Oil Drops in Wake of Stimulus Uncertainty and Virus Fears
- WTI crude futures settle below key 100-day moving average
- N.Y. has most virus cases since May; Madrid limits gatherings
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Oil slid to a two-week low as conflicting signals over the prospect of U.S. fiscal relief added to concerns over a recovery in consumption.
Futures in New York tumbled 3.7% on Thursday as the dollar bounced off session lows. U.S. benchmark futures settled below its key 100-day moving average for the first time since June, signaling further selling pressure ahead.