Oil Steady After Biggest Loss in Three Weeks Amid Economy Fears - Bloomberg

Oil Steady After Biggest Loss in Three Weeks Amid Economy Fears - Bloomberg:

Oil steadied in New York after its biggest loss in three weeks, yet concerns lingered that a slowdown in global economic growth will erode fuel consumption.

West Texas Intermediate futures were little changed near $59 a barrel, after losing 1.6 percent on Friday. A closely watched gauge of U.S. Treasuries inverted for the first time since 2007, a signal a recession may be coming in the world’s largest economy. Some concerns over a new crude glut abated however as drilling rigs in America fell to the lowest in almost a year.

Crude has retreated after reaching a four-month high on Thursday as disappointing global economic data and a lack of resolution to the U.S.-China trade war damped sentiment. The Organization of the Petroleum Exporting Countries and its allies’ commitment to curb output, coupled with supply disruptions in Venezuela and Iran, is stopping prices from falling further.