A barrel of benchmark U.S. crude tumbled roughly 4%, to 4,549.34, on Wednesday as expectations built that the world has too much oil available for the slowing global economy’s demand. It sank below $70, down more than $20 since September. Brent crude, the international standard, fell 3.8% to $74.30 per barrel.

Asian shares have advanced after most stocks slipped on Wall Street following a mixed set of reports on the U.S. economy