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Oil prices extend losses as recession fears, inventories mount

Oil prices extend losses as recession fears, inventories mount


Oil prices extend losses as recession fears, inventories mount

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

Brent crude LCOc1 was down 39 cents, or 0.7%, at $59.09 a barrel by 0034 GMT, after falling 3% in the last session.

“This latest collapse in prices is likely to put further pressure on Saudi Arabia,” ANZ said in a note. “It has already hinted at cutting production to arrest the falls.”

China reported disappointing data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the U.S. intensifies.

U.S. crude stocks USOILC=ECI grew by 1.6 million barrels last week, compared with analyst expectations for a decrease of 2.8 million barrels, as refineries cut output, the Energy Information Administration (EIA) said in a report.

Read more: Reuters Top News

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