Oil touches multi-year lows amid concerns of excess supply, trade war

Worries of a full-blown trade war and more supply entering the market sent oil futures tumbling to multi-year session lows on Wednesday, dragging energy stocks with it. On Wednesday morning West Texas Intermediate crude (CL=F) dropped to the lowest level since 2023 before paring losses to settle at $66.21 per barrel. Brent futures (BZ=F) fell to levels not seen since December 2021 before closing at $69.24 per barrel. Oil fell for a third straight session amid fears of a tariff war impacting economic growth, more crude supply about to enter the market as recently announced by the Organization of Petroleum…