Market Jitters Over Recession Signs

Investors are growing increasingly concerned about a potential recession, following recent reports that highlight a significant drop in consumer confidence in the United States to its lowest since the COVID-19 pandemic began. Additionally, March saw fewer job openings than anticipated, further fueling these fears.

Oil Supply Concerns

Compounding the market's worries, US oil inventories reportedly surged by 3.76 million barrels in the week ending April 25, raising alarms over a possible oversupply situation.

Price Movements

West Texas Intermediate (WTI) for June deliveries fell by 1.29% to $59.64 per barrel at 5:25 am ET. Similarly, Brent for the same month's settlements decreased by 1.37%, trading at $63.35 per barrel at 5:26 am ET.