Caixin
Aug 16, 2022 01:23 PM
ECONOMY

Oil Extends Losses on Global Slowdown and Chance of More Supply

An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, U.S., on June 19. Photo: Bloomberg
An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, U.S., on June 19. Photo: Bloomberg

(Bloomberg) — Oil declined for a third day as a deepening global slowdown looked set to coincide with an increase in supply from OPEC producers.

West Texas Intermediate futures slid toward $88 a barrel after falling around 5% over the previous two sessions. Mounting signs of an economic downturn swept through markets on Monday as bearish U.S. data including rapidly cooling manufacturing followed weaker-than-expected Chinese numbers.

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