Oil extends losses amid fears of recession and slowing demand

Oil prices fell today, Friday, continuing the losses of the previous two sessions, and heading towards a weekly decline, as weak US economic data and an increase in US fuel inventories raised concerns about stagnation and slowing demand for oil.

By 0101 GMT, Brent crude futures for June delivery were down 14 cents, or 0.2 percent, at $80.96 a barrel. West Texas Intermediate crude futures for June delivery fell 12 cents, or 0.2 percent, to $77.25 a barrel.

According to “Reuters”, the two raw materials fell by more than two percent to their lowest levels since the end of March on Thursday, amid fears of a possible recession, and are heading towards recording a weekly decline of about six percent.

Data from the US Energy Information Administration revealed on Wednesday that US crude inventories fell more than expected last week as refineries were running and exports increased, while fuel stocks unexpectedly rose due to disappointing demand.