Economics
Oil Falls Most in Three Weeks on Global Slowdown Fears
- Crude sheds gains on demand concern after supply rally stalls
- Recession indicator flashes red for first time since 2007
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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 Friday, 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 U.S. treasury yield curve inverted Friday morning for the first time since the financial crisis in 2007, a move widely seen as a reliable harbinger of recession in the U.S.