MW: Oil futures fall 5%, tracking U.S. stock futures lower
Oil futures fell nearly 5% early Friday, after rallying 14% in the previous session. Crude oil for March delivery dropped $1.93, or 4.9%, to $37.55 a barrel in electronic trading on Globex. "This morning, fears over a deteriorating global economic outlook sent equity markets tumbling in Asia and Europe, as investors shed riskier positions, with oil prices tracking them lower amid weakening demand concerns," said Nimit Khamar, an analyst at Sucden Financial Research. On Thursday, oil jumped 14%, marking the biggest one-day gain since the end of last year, after U.S. inventories showed a surprise decline last week as consumption started picking up.
