Singapore: Oil extended losses on fresh signs that global growth may weaken further, overshadowing a drop in the amount of American rigs exploring for crude to the lowest level in almost a year.
Futures in New York fell as much as 1.2 percent, after losing 1.6 percent Friday. A closely watched gauge of Treasuries inverted for the first time since 2007, a signal a recession may be coming in the world’s largest economy. The number of U.S. rigs dropped for a fifth week, according to data released Friday by Baker Hughes, easing concern over surging U.S. production.
Crude has retreated after reaching a four-month high on Thursday as disappointing European economic data and a lack of resolution to the U.S.-China trade war damped sentiment.
