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Bloomberg
Oil fell the most in three weeks as disappointing economic data sowed new fears of slowing global growth.
West Texas Intermediate futures in New York dropped 1.6 percent, paring the week’s gain to less than 1 percent. Weaker than expected manufacturing data from Germany and France cast fresh doubts on Europe’s economic outlook, dragging equities down. The US treasury yield curve inverted for the first time since the financial crisis in 2007, a move widely seen as a reliable harbinger of recession in the US.
Oil has gained about 30 percent this year, and a two week rally saw prices climb above $60 a barrel in New York for first time in 2019. Prices have been supported by Opec and allies reaffirming commitment to supply cutbacks and disruptions in Venezuela and Iran have also squeezed supplies.