All posts by Oil

UPDATE 7-Oil deepens slide on recession fears, China’s trade threats

China says has to take counter-measures to latest U.S. tariffs. NEW YORK, Aug 15- Oil prices fell more than 1% on Thursday, extending the previous session's 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories. The global benchmark was down $1.52, or 2.6%, at $57.96 and West Texas Intermediate crude was down 80 cents, or 1.5%,…

UPDATE 4-Oil deepens slide towards $58 on recession fears, U.S. supply

LONDON, Aug 15- Oil fell 2% towards $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. Global benchmark Brent crude was down $1.20, or 2%, at $58.28 a barrel by 1032 GMT, after a 3% slide on Wednesday. "The oil market has become a recession fear gauge," said Norbert…