The slide in crude prices signals deteriorating confidence in the strength of the economy. And while lower oil prices benefit consumers by, ultimately, reducing prices at the pump, they are a big problem for U.S. oil producers, many of which will struggle to make money drilling new wells at these levels.

Oil prices continued to climb in late trading Wednesday, with benchmark U.S. crude futures rising to about $63 a barrel. That's up from Tuesday's settled price of $59.58, which was the lowest in four years.

Oil prices rose to a gain after sinking to a four-year low Wednesday morning in anticipation of slowing economic growth and reduced energy demand, both casualties of a trade war that began after President Donald Trump ordered widespread tariffs against the imports of U.