Oil Prices Suffer Their First Loss in 5 Sessions
Oil futures ended lower on Wednesday for the first time in five sessions, after a U.S. government report revealed that domestic crude inventories rose for a second week in row, and as the risks of an economic recession fed worries about energy demand.
Investors digested a round of downbeat economic data from China and Europe, which contributed to a sharp fall in U.S. Treasury yields, prompting the spread between the 2-year note and the 10-year note to temporarily fall to a negative 1 basis point. An inversion of this measure has often preceded an economic downturn.
West Texas Intermediate crude for September delivery fell $1.87, or 3.3%, to settle at $55.23 a barrel on the New York Mercantile Exchange, while October Brent crude declined $1.82, or 3%, to $59.48 a barrel on ICE Futures Europe. Both crude benchmarks had posted gains in each of the last four trading sessions.
Source : Marketwatch
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