The selloff triggered by economic fears caused a 4% drop in crude prices.

On Tuesday, crude oil prices fell over 4% due to fears of a global economic slowdown and weak manufacturing data from China, the world's top crude importer. The disappointing economic news continued on Tuesday, with eurozone factory activity contracting further and the final U.K. manufacturing PMI falling to a three-month low in April. Expected interest rate hikes by a number of central banks are also likely to further dent economic growth and weigh on demand for oil. Meanwhile, Russia's exports have jumped back above 4 million barrels a day, suggesting that their threatened oil output cut has yet to be carried out. OPEC's voluntary output cuts of just over 1 million barrels per day, which are taking effect in May, have not been enough to combat the perception of falling demand. Meanwhile, data from the American Petroleum Institute is expected to show another fall in U.S. crude inventories. Overall, concerns about global economic growth and demand for oil are outweighing the support from OPEC's production cuts. Overall, the combination of economic fears, interest rate hikes, and ample supply has triggered a selloff in the crude oil market. PolyMart does not provide any assurances or guarantees regarding the reliability, accuracy, completeness, or quality of the information available on its website, app, or through any of its services. Therefore, the company is not responsible for any errors, omissions, loss, or damage that may result from the use of the website or app. It is advisable for users to exercise caution and independently verify any information obtained from these sources before relying on it for any purpose.