Oil deepens slide below $58 on recession fears, U.S. supply - Reuters:
Oil fell 3% to below $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories.
In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on Wednesday for the first time since 2007.
Global benchmark Brent crude LCOc1 fell as much as $1.81, or 3%, to $57.67 a barrel and by 1117 GMT was down $1.57 at $57.91. U.S. crude CLc1 fell $1.03 to $54.20.
No comments:
Post a Comment