NEW YORK, Oct. 10 (Xinhua) -- U.S. oil prices plunged 2.39 percent Wednesday as stock markets dived.
By the end of trading session, the Nasdaq Composite Index lost over 4 percent while the S&P 500 and the Dow Jones Industrial Average shed more than 3 percent, respectively.
"If the IMF revisions of the (world) growth forecast are correct, then that would put less pressure on oil prices," said Kevin Hassett, chairman of the Council of Economic Advisers on Tuesday.
The International Monetary Fund earlier this week cut the forecast of world economic growth from 3.9 percent to 3.7 percent for 2018 and 2019.
"While all eyes are on shortfalls from Iran and Venezuela, we see some 950,000 b/d of upside risk to our base case crude and condensate outlook for 2019," due to the potential from five key suppliers including Libya, Brazil, Russia, Saudi Arabia and Kuwait, according to a daily report issued by JBC Energy on Wednesday.
U.S. Energy Information Administration would unveil weekly report on commercial crude oil stocks on Thursday due to public holiday on this Monday.
The West Texas Intermediate (WTI) for November delivery fell 1.79 U.S. dollars to settle at 73.17 dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent oil price for December delivery dived 1.91 dollars to 83.09 dollars per barrel. Enditem
