Oil futures slumped Wednesday, under pressure after a warning from the International Monetary Fund and weak economic data out of China underlined concerns about global economic growth.
West Texas Intermediate crude for February delivery fell $1.01, or 1.9%, to $53.03 a barrel, while March Brent lost $1.24, or 2%, to trade at $61.50 on ICE Europe.
The IMF on Monday said it expects the global economy to grow 3.5% in 2019, down from a previous forecast of 3.7% in October and a growth rate of 3.7% in 2018. The fund cited growing trade tensions and rising U.S. interest rates. Earlier Monday, China reported its economy expanded by 6.6% in 2018, the slowest pace since 1990.
Most U.S. financial markets were closed Monday for the Martin Luther King Jr. Day holiday. Brent crude rose 4 cents Monday in London.