Oil prices are falling amid growin fears of a global economic slowdown
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| Oil prices are falling amid growing fears of a global economic slowdown |
International oil prices fell on Monday, extending losses for the third straight session, amid growing concerns about a sharp slowdown in the global economy, which could lead to a decline in demand for oil in the coming period despite the global supply cuts that Led by OPEC.
By 0845 GMT, US crude was down about 0.6% to trade around $ 58.70 a barrel, and managed to reach $ 59.13 late in the session. US WTI fell by 0.6%, down 35 cents from the previous close to close at $ 58.69 a barrel. For international crude, Brent crude fell 30 cents from the previous settlement by 0.5% to $ 66.54 a barrel. .
US crude ended Friday's trading down 1.5% and Brent crude lost 1.1% in its second consecutive daily loss, as the correction continued and took profits from a four-month high and under pressure from weak data from the European economy. The crude lost about 3% after hitting its highest level since November 2018 and recorded earlier in the week.
There were many fears of a possible recession in the United States on Friday after cautious remarks from the Federal Reserve and led to a 10-year decline in US 10-year Treasury yields below the 3-month Treasury Treasuries for the first time since 2007. Otherwise, global oil prices are currently facing many negative pressures amid growing concerns about slowing world economic growth, especially as indicators of economic slowdown across Asia, Europe and North America are following, and after weak European data, which may negatively affect demand levels. Fuel in the coming period and will therefore push prices further down.
The continued contraction of industrial production data in Germany, the "largest European economy", as well as the contraction of France's industrial sector in March for the first time in 2019, exacerbated fears of a global slump. "Growth and profit estimates have been revised down in all major regions worldwide," Morgan Stanley said. ANZ also said that the bleak outlook for the global economy overshadowed supply-side indicators, particularly OPEC-led oil cuts and its current partners, OPEC's Opec Plus, and the decline in supplies from Venezuela .and Iran after US sanctions
Business, oil, global economy, OPEC,
By 0845 GMT, US crude was down about 0.6% to trade around $ 58.70 a barrel, and managed to reach $ 59.13 late in the session. US WTI fell by 0.6%, down 35 cents from the previous close to close at $ 58.69 a barrel. For international crude, Brent crude fell 30 cents from the previous settlement by 0.5% to $ 66.54 a barrel. .
US crude ended Friday's trading down 1.5% and Brent crude lost 1.1% in its second consecutive daily loss, as the correction continued and took profits from a four-month high and under pressure from weak data from the European economy. The crude lost about 3% after hitting its highest level since November 2018 and recorded earlier in the week.
There were many fears of a possible recession in the United States on Friday after cautious remarks from the Federal Reserve and led to a 10-year decline in US 10-year Treasury yields below the 3-month Treasury Treasuries for the first time since 2007. Otherwise, global oil prices are currently facing many negative pressures amid growing concerns about slowing world economic growth, especially as indicators of economic slowdown across Asia, Europe and North America are following, and after weak European data, which may negatively affect demand levels. Fuel in the coming period and will therefore push prices further down.
The continued contraction of industrial production data in Germany, the "largest European economy", as well as the contraction of France's industrial sector in March for the first time in 2019, exacerbated fears of a global slump. "Growth and profit estimates have been revised down in all major regions worldwide," Morgan Stanley said. ANZ also said that the bleak outlook for the global economy overshadowed supply-side indicators, particularly OPEC-led oil cuts and its current partners, OPEC's Opec Plus, and the decline in supplies from Venezuela .and Iran after US sanctions
Business, oil, global economy, OPEC,
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