Oil continues to fall below 58 dollars for fear of a recession

Oil prices fell 3% to under $ 58 a barrel on Thursday, prolonging the 3% drop from the previous session, under pressure from growing fears of a recession and a sudden surge crude oil inventories in the United States.

While investors feared that the US economy, the largest in the world, would enter a recession that would weigh on the demand for oil, the yield curve of the US Treasury reversed Wednesday for the first time since 2007.

Brent fell $ 1.81, or 3%, to $ 57.67 per barrel and at 11:17 GMT, it fell $ 1.57 to $ 57.91.

US crude fell $ 1.03 to $ 54.20 a barrel.

Brent is still up 10% since the beginning of the year thanks to production cuts by the Organization of Petroleum Exporting Countries and to allies such as Russia in the group known as OPEC +.

A series of data indicating a slowdown in global growth in the context of the China-China trade war and the still high levels of US oil stocks eroded the recent optimism of the crude oil markets, but fueled hopes that producers could take additional measures to support their prices.

"Oil prices, although backed by OPEC-imposed production constraints, are facing serious adverse factors as traders oscillate between demand-side concerns and oil-price reduction policies. offer, "said Benjamin Law, an badyst at Philip Futures in Singapore.