Crude oil prices tumbled further in early trading in the U.S. on Thursday, after a brief stabilization overnight crumbled under a new wave of recession fears.
By 8:45 AM ET (12:45 GMT), the benchmark U.S. blend, West Texas Intermediate, had fallen 67c, or 1.2%, to $54.55 a barrel, close to its lows for the week. That was still a handy rebound from an intraday low of $54.10, however.
The international benchmark Brent was down $1.09 or 1.8% to $58.39 a barrel.
Fears of a global recession, with all of its attendant effects on oil demand, surged again overnight as Beijing signaled it will retaliate against U.S. President Donald Trump's latest initiative to impose tariffs on effectively all U.S. imports from China.
With demand weakening, concerns that the market will slide into another glut are growing. Data released Wednesday by the Energy Information Administration showed a second straight week of rising crude inventories in the U.S., although analysts suggested that the headline masked an underlying picture of still-strong demand.
Source : Investing.com