Oil Declines for Third Day as Recession Concerns Rattle Markets

Oil pump jacks operate at the Inglewood Oil Field in Culver City, California, U.S., on July 11, 2021. Photo: Bloomberg

(Bloomberg) — Oil dropped for a third day on escalating concerns about a global slowdown, with U.S. President Joe Biden saying a recession was possible.

West Texas Intermediate fell below $89 a barrel after losing more than 3% over the past two sessions. Biden’s comments to CNN, in which he downplayed the risks, followed similar gloomy assessments about the outlook from the International Monetary Fund and JPMorgan Chase & Co. boss Jamie Dimon.