Oil falls as weak US economic data reinforced recession fears

Oil fell today, Thursday, as weak US economic data raised fears of a possible global recession and a decline in demand, but crude prices are heading towards a weekly rise after the OPEC + group announced more production cuts, in addition to a decrease in US oil stocks.

By 0344 GMT, Brent crude futures fell 74 cents, or 0.9 percent, to $84.25 a barrel, and West Texas Intermediate crude futures fell 73 cents, or 0.9 percent, to $79.88 a barrel.

According to “Reuters”, the two benchmarks rose by more than 5.5 percent this week, heading towards recording gains for the third week in a row, after the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, announced additional voluntary production cuts.

US government data revealed that US crude stocks fell by 3.7 million barrels last week, more than expected by about 1.5 million barrels.