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.

Shares have fallen in Europe and Asia, tracking a retreat on Wall Street as investors grow wary over signs growth is slowing in Germany and other major economies.

Most stocks slipped on Wall Street, but the market hung near its highest level in 20 months following a mixed set of reports on the economy. The S&P 500 fell 0.1% Tuesday, the Dow fell 0.2%, and the Nasdaq composite rose 0.

Wall Street was heading toward gains before the open ahead of more jobs data that investors hope will show a labor market cooling enough to convince the Federal Reserve stop