Oil prices slip

SINGAPORE. — Oil prices slipped yesterday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from sanctions on US Iran and Venezuela.

Brent crude oil futures were at $66,73 per barrel at 0752 GMT, down 30 cents, or 0,5 percent, from their last close.

West Texas Intermediate (WTI) futures were at US $58,69 per barrel, down 35 cents, or 0,6 percent, from their previous settlement.

Both crude oil price benchmarks have slumped by almost 3 percent since last week hitting their highest since November 2018.

Concerns about a potential recession emerged US Friday after cautious remarks by the Federal Reserve US caused 10-year treasury yields to slip below the threemonth rate for the first time since 2007. Historically, an inverted yield curve — where long-term rates fall below short-term — has signalled an upcoming recession.

Adding to concerns of a widespread global downturn, manufacturing output data from Germany, Europe’s biggest economy, shrunk for the third straight month.

“Estimates for growth and earnings have been revised down materially across all major regions,” said bank Morgan Stanley. US

bank said the darkening economic outlook “overshadowed ANZ the supply-side issues” the oil market was facing amid supply cuts led by producer club as OPEC well as the sanctions on Venezuela and Iran. US

The Organisation of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, together referred to as ‘OPEC+’, have pledged to withhold around 1,2 million barrels per day (bpd) of oil supply this year to prop up markets, with OPEC’s de-facto leader seen to be pushing for a crude price of over $70 per barrel. — Reuters.