Oil Prices Plunge As Bearish Sentiment Builds

U.S. West Texas Intermediate crude oil futures plunged on Thursday, reaching their lowest point since late March. The move also turned the market lower for the week. Crude oil is also testing an area not visited since the unexpected announcement of an OPEC+ production cut. Essentially, one of the primary drivers of the decline in oil prices is the widespread apprehension surrounding the possibility of an economic recession. Early in the week as prices fell, some analysts thought the weakness was attributed to the market pricing in the OPEC+ output…