Energy

Global economy, crude inventories in focus

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Andrew Burton | Getty Images

Oil prices fell on Thursday to extend sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed.

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

U.S. crude was down 28 cents, or 0.5%, at $54.95 a barrel, having dropped 3.3% in the previous session.

The combination of a slew of data suggesting a slowdown in global growth amid the U.S.-China trade war and persistently high levels of oil in U.S. storage has punctured recent optimism in crude markets, stoking expectations leading oil producers may…



Source cnbc.com

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