MW: US oil suffers worst 1-day decline in about three months as risk assets get bludgeoned

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MarketWatch reports: “Crude-oil futures on Monday logged their worst one-day drop in about three months and closed at the lowest level in about two years. February West Texas Intermediate CLG9, -6.38% crude oil shed $3.06, or 6.7%, to settle at $42.53 a barrel. That close represents the lowest for WTI since around 2016, and the worst single-session decline for the U.S. oil benchmark since Nov. 23, according to FactSet data. Nagging concerns about global crude output and fears of an economic slowdown internationally have eroded appetite for crude, which has gotten swept up in a broad unraveling of demand for assets perceived as risky. The Dow Jones Industrial Average DJIA, -2.91% the S&P 500 index SPX, -2.71%and the Nasdaq Composite Index COMP, -2.21% all registered their worst Christmas Eve declines in history. Trading in oil futures closed an hour earlier on Monday on Christmas Eve, with major markets across the globe closed on Christmas.”