LONDON - 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. “The oil market has become a recession fear gauge,” said Norbert Ruecker of Swiss bank Julius Baer. “The North American market remains amply supplied with storage levels well above historical averages.”
Maybe this may help lower Trumps chances of re-election, as he gambles his chances on the USA ECONOMY! We can only pray they will collapse as to help rid the world of this bigot
Fear talk Oil price has nothing to do with recession. Last recession, which began June 2007, oil was $87/barrel. Jan 2009 it was 50.69/barrel. June 2009, technical end of recession, oil was $83/barrel What kind of measure is that?
oil on hand is high and the driving vacation season is ending. That is why oil is (cont)
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