Oil falls 1% on US recession fears

Oil futures extended losses in a volatile session on Monday as fears of a US recession outweighed concerns that rising tensions in the Middle East could disrupt supplies from the world’s biggest oil producing region.

Asian markets also fell as investors dumped riskier assets on worries about a US recession and believed a quick interest rate cut would be needed to rescue growth.

Brent crude futures fell 78 cents, or 1 percent, to $76.03 a barrel, while West Texas Intermediate (WTI) crude futures fell 87 cents, or 1.2 percent, to $72.65 a barrel.