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Oil Trades More on Fear than Fundamentals
Crude limped into 2019 languishing deep in a bear market, barely above the 16-month and 18-month lows plumbed by Brent and WTI on Christmas eve. The four-year peaks notched on October 3, at $86.29 for Brent and $76.41 for WTI, were quickly erased in the weeks that followed, as a surge in fear over a global economic slowdown prompted a sustained sell-off in risky assets, including oil.