Oil prices extend losses as recession fears, inventories mount

Oil prices fell on Thursday to extend sharp overnight losses as U.S. crude inven...

TOKYO - Oil prices fell on Thursday to extend sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.

U.S. crude CLc1 was down 28 cents, or 0.5%, at $54.95 a barrel, having dropped 3.3% in the previous session. The Organization of the Petroleum Exporting Countries has been mostly trimming production since the start of 2017 and traders say they expect Saudi Arabia to reduce output further amid slowing global oil demand.

Global economic worries, amplified by tariff conflicts and uncertainty over Brexit, are also hitting European economies. A slump in exports sent Germany’s economy into reverse in the second quarter, data showed, while the euro zone’s GDP barely grew in the second quarter of 2019.

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