Oil futures tumble

Oil futures tumbled on Wednesday after US President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong and as some traders doubted Russia's commitment to deep production cuts.
Brent crude futures fell $1.65 to $34.52 a barrel, a 4.6 percent loss. US West Texas Intermediate (WTI) crude was down $1.54, or 4.5%, at $32.81.
Meanwhile, tensions between the US and China continued to rise after China announced plans to impose new national security legislation on Hong Kong, prompting protests in the street.
US Secretary of State Mike Pompeo said he had certified that Hong Kong no longer warrants special treatment under US law as it did when it was under British rule, a blow to its status as a major financial hub.
Gloomy forecasts over the economic impact of the pandemic also weighed on crude.
Economists estimate another 2 million Americans filed initial applications for unemployment insurance last week.
The US Labor Department will report on Thursday.
"Reduction of the huge domestic crude surplus of around 47 million barrels is proceeding at a much slower pace than the decline in production as refiners have been hesitant in ramping up activities," Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said in a report.
The euro zone economy will probably shrink between 8% and 12% this year, European Central Bank President Christine Lagarde said, warning the outcome would be between medium and severe.
In another sign of weak fuel demand, Japan's refineries operated at only 56.1% of capacity last week, the lowest since at least 2005.