Oil deepens slide towards $58 on recession fears, US supply

London: Oil fell 2% towards $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in US crude inventories.

In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the US Treasury bond yield curve inverted on Wednesday for the first time since 2007.

Global benchmark Brent crude was down $1.20, or 2%, at $58.28 a barrel by 1032 GMT, after a 3% slide on Wednesday. US crude fell $1.02 to $54.21.