15.08.201906:14:00UTC+00Oil Extends Losses As Global Growth Worries Mount

U.S. stocks fell sharply on Thursday to extend steep losses from the previous session, hit by oversupply fears and mounting concerns of a possible recession.

Benchmark Brent crude fell as much as 1.8 percent to $58.41 a barrel, after tumbling 3 percent in the previous session.

Likewise, U.S. crude futures were down 1.55 percent at &54.38 a barrel, after having fallen 3 percent on Wednesday.

The Energy Information Administration (EIA) report showed on Wednesday that U.S. crude stockpiles rose unexpectedly for a second week in a row, adding to the pressure on oil prices.

U.S. crude supplies rose by 1.6 million barrels last week, compared with analyst expectations for a decrease of 2.7 million barrels, as refineries cut output, the EIA said.

The threat to global oil demand due to ongoing trade tensions is also taking a heavy toll on oil prices.

European equity markets fell again today to extend losses from the previous session as weak data from Germany and China coupled with an inverted U.S. bond yield curve ramped up fears of a global recession.