Oil Falls 1% Amid US Recession Fears

Oil futures extended losses in today's session amid market volatility, as fears of a recession in the United States overshadowed concerns that escalating tensions in the Middle East could affect oil supplies. Asian markets fell as investors abandoned riskier assets due to concerns about a recession in the United States and the belief that a rapid reduction in interest rates may be necessary to revive economic growth. Brent crude futures fell 78 cents, or 1 percent, to USD 76.03 a barrel, while West Texas Intermediate crude futures fell 87 cents, or 1.2 percent, to USD 72.65 a barrel. Both benchmarks fell more than 3 percent on Friday, posting their fourth straight weekly declines in their biggest stretch since November. Source: Oman News Agency