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        Concerns about recession and trade threats in China


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Oil prices fell more than 1% on Thursday, continuing a 3% decline in the previous trading day, as concerns about the economic recession intensified and China threatened to take counter-measures against the US imposition of new tariffs on $300 billion of Chinese goods.
The U.S. Treasury bond yield curve reversed Wednesday for the first time since 2007, suggesting investors are worried that the world's largest economy may be heading for recession.
China vowed Thursday to fight back against the latest U.S. tariff measures, but called on the United States to go against China in reaching a potential trade agreement. U.S. President Trump said any agreement must meet U.S. conditions.
The trade war between the world's two largest economies has stirred up global markets and heightened concerns about a slowdown in oil demand growth.
Brent crude fell $1.81, or 3%, to $57.67 a barrel, closing down $1.25, or 2.1%, to $58.23. U.S. crude oil futures closed down $0.76, or 1.4%, at $54.47.
"Oil prices have been hit again, with hedging rising again and fears of a slowdown in the impact of the trade war," said Craig Erlam, senior market analyst at OANDA.


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