empty
 
 

2019.08.1506:14:00UTC+00Oil Extends Losses As Global Growth Worries Mount

U.S. stocks fell sharply on Thursday to extend steep losses from the previous session, hit by oversupply fears and mounting concerns of a possible recession.

Benchmark Brent crude fell as much as 1.8 percent to $58.41 a barrel, after tumbling 3 percent in the previous session.

Likewise, U.S. crude futures were down 1.55 percent at &54.38 a barrel, after having fallen 3 percent on Wednesday.

The Energy Information Administration (EIA) report showed on Wednesday that U.S. crude stockpiles rose unexpectedly for a second week in a row, adding to the pressure on oil prices.

U.S. crude supplies rose by 1.6 million barrels last week, compared with analyst expectations for a decrease of 2.7 million barrels, as refineries cut output, the EIA said.

The threat to global oil demand due to ongoing trade tensions is also taking a heavy toll on oil prices.

European equity markets fell again today to extend losses from the previous session as weak data from Germany and China coupled with an inverted U.S. bond yield curve ramped up fears of a global recession.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback