Crude extends losses amid recession fears

Wednesday, 14. August 2019 15:19

Prices of crude futures decreased further on Wednesday as more indicators pointed to a possible approaching recession, leading the stocks deep into the red despite delays of some China tariffs. The yield on the 30-year bond sank to its all-time low earlier in the day, after the yield curve between the two-year and ten-year United States Treasuries inverted for the first time since 2007. European stocks also posted sharp losses while gold and silver rallied, after Germany's GDP reportedly contracted and Eurozone's growth slowed.

The US Energy Information Administration is set to report on inventories change later in the day. According to the American Petroleum Institute, stockpiles rose by 3.7 million barrels last week.

West Texas Intermediate for delivery in September dropped 2.89% to $55.48 per barrel at 3:08 pm CET. Brent for settlement was down 2.82% at $59.59 for one barrel concurrently.

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Breaking the News / NI