Oil extends decline on U.S. recession concern, inventory build
BNN Bloomberg
Oil fell for a second day on signs of rising U.S. inventories and economic growth concerns.
West Texas Intermediate dropped below US$79 a barrel after declining almost one per cent on Wednesday as US retail sales slowed, stoking fears of a potential slowdown. The American Petroleum
Institute reported a 7.6 million-barrel gain in commercial stockpiles, according to people familiar with the data, reflecting the lingering impact of a December cold snap which shut down refineries.
More Related News