5/29/2019, 8:16 AM (Source: TeleTrader)
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Oil slips on fears of recession in US

Prices of crude for delivery in July retreated on Wednesday amid risk-off sentiment in other segments of the financial markets. Stocks were down after yields on United States government bonds fell to 20-month lows and the yield curve inverted the most since the crisis one decade ago, which is widely interpreted as a precursor to recession. German and British yields also sunk.

Benchmark futures still remained well off two-month lows, hit last week, as traders were waiting for more macroeconomic data before repositioning. Another major factor is whether the Organization of the Petroleum Exporting Countries and a group of its partners led by Russia would leave production at current levels, following this years' cuts, and institutionalize the pact, while Libya, Venezuela and Iran are pumping much below potential.

West Texas Intermediate dropped 0.98% at 8:05 am CET to sell for $58.56 per barrel. Brent oil fell 0.68% to $69.63 for one barrel.

Baha Breaking the News (BBN) / IT