Oil falls near $90 on recession fears

( Reuters ) - Oil slipped toward $90 a barrel on Thursday amid growing fears the U.S. economy will slip into a recession and hurt demand from the world's top energy consumer.

The loss stretches oil's slide to about 10 percent since the record over $100 a barrel hit January 3, taking pressure off of producer-group OPEC to boost output at its next meeting in February.

"The market may rally a bit but, with recession in the U.S. becoming the major driver, it looks like the sentiment is to sell rallies rather than buy dips," said Nauman Barakat, senior vice president at Macquarie Futures USA in New York.

U.S. light crude for February delivery fell 71 cents to $90.13 a barrel, the lowest settlement since December 11. London Brent crude dropped 75 cents to $88.75.

In fresh signs of economic weakness, factory activity in the U.S. Mid-Atlantic region contracted sharply in January and home building in December fell to the slowest pace since the early 1990s, according to reports on Thursday.

"The Philly Fed index (of factory activity) plunged into recession territory," said Ian Shepherdson, chief U.S. economist at High Frequency Economics, in Valhalla, N.Y. "This is very alarming, because we had pinned our hopes on the relative strength of the corporate sector offsetting some of the housing hit."

Federal Reserve Chairman Ben Bernanke said Thursday that more interest rate cuts may be necessary to counter the worsening economic outlook, but he said the Fed has not forecast a recession.

U.S. demand for crude oil and petroleum products fell 0.6 percent in December from a year earlier as a slowing economy and higher pump prices reduced gasoline consumption, the American Petroleum Institute said on Thursday.

Weekly review of Azerbaijan's transport sector
Weekly review of Azerbaijan's transport sector
Azerbaijani ministries, AzerGold company hold landscaping campaign on Chovdar field
Azerbaijani ministries, AzerGold company hold landscaping campaign on Chovdar field
Jeyhun Bayramov expresses condolences to his Iranian counterpart
Jeyhun Bayramov expresses condolences to his Iranian counterpart
Loading Bars
Latest
Israeli cabinet approves aviation, science cooperation deals with UAE
Africa's confirmed COVID-19 cases pass 2.15 mln mark: Africa CDC
74 more coronavirus patients die in Moscow in past day
Israel launches national plan to strengthen industry amid COVID-19
OPEC+ monitoring committee meeting yields no consensus
Weekly review of Azerbaijan's transport sector
Several Turkish provinces revert preschools to remote teaching over pandemic
UK records another 12,155 coronavirus cases with 215 deaths
Certain investments to be made into industrial parks of Iran’s Qazvin Province
Azerbaijani ministries, AzerGold company hold landscaping campaign on Chovdar field
Rocket hits small oil refinery in Iraq's north, forcing shutdown: officials
Jeyhun Bayramov expresses condolences to his Iranian counterpart
Number of COVID-2019 cases across globe up by over 564,000 in past day
Employment in Iran's Bushehr Province enlarges
Average yield of tobacco in Azerbaijan in 2020 exceeds last year volume
Iranian Energy Exchange announces products to be on sale November 30
Weekly review of events in financial market of Azerbaijan
Norway calls on all political parties to enable new, more diverse parliament in Georgia
Turkey condemns killing of key Iranian nuclear scientist as act of 'terrorism'
Argentine prosecutors investigate death of soccer star Maradona
Performances results of Azerbaijani gymnasts at European Championships in rhythmic gymnastics unveiled
Iran reveals details of exports through Bandar Lengeh County
Projects within Industrialization Map framework being implemented in Kazakhstan's Akmola
Overview of events in agricultural sector of Azerbaijan for last week of November
Activities on provision of Russian peacekeeping contingent held (PHOTO/VIDEO)
Iran boosts manufacturing of passenger cars
UAE cabinet approves new cybersecurity body, climate change envoy
Geostat reveals volume of ferroalloys exported by Georgia to Turkey
Bahar Azadi gold coin price still falling in Iran
Kazakhstan continues introduction of mobile diagnostic tools in railway sector
Azerbaijan, Uzbekistan discuss possibilities of attracting investors to Azerbaijani territories liberated from occupation
Britain expects 'very significant' week for Brexit talks as clock ticks down
Iran declares cargo transportation from Sistan and Baluchestan Province
Death toll from COVID-19 tops 172,000 in Brazil
Chinese companies to process Uzbek garlic for further export to US and European countries
Turkey's export of grain, legumes to France declines
Iran reveals its COVID-19 data for November 29
Details of Iran’s trade turnover announced
EU aims to support Georgia in its efforts to reform electricity market
Azerbaijan confirms 4,170 new COVID-19 cases, 1,985 recoveries
5.5-magnitude quake hits Vanuatu
Azersu LLC announces tender for purchase of equipment for laboratory
Kazakhstan's import of Turkish cement up
Azerbaijan shows footage of Aghdam's Shahbuldag village (PHOTO/VIDEO)
Expenses on construction of enterprises in Iran’s Isfahan Province increases
Number of enterprises launched in Iran's Ilam Province shrinks
Turkmengas opens tender for maintenance of gas turbine generators
At least 30 police killed, over 20 wounded in suicide car bomb explosion in E. Afghanistan
Georgia reports 4 426 new coronavirus cases, 3 721 recoveries, 35 deaths
Over 5,500 patients recover from coronavirus in Moscow in the past day
Azerbaijan shows footage of liberated from occupation villages of Kalbajar region (PHOTO/VIDEO)
China increases import of Turkish cars
Employment in Iran's Alborz Province declines
The President of Turkmenistan receives representative of medical community of Germany
S. Korea reports 450 more COVID-19 cases, 33,824 in total
Azerbaijan's turnover on payment cards in 10M2020 up
Inter-Agency Coordination Council discusses enforcement of Covid restrictions
Azerbaijan has ample opportunities and potential for artificial intelligence dev't
Trump may announce plans for 2024 presidential race during Biden’s inauguration
826 more coronavirus cases recorded in Kazakhstan over 24 hours
France sees further fall in COVID-19 hospitalizations as lockdown exit starts
Turkey's Temsa makes 1st electric bus exports to Sweden
Iran registers monthly positive trade balance
Scottish dev’t agency eyes establishing co-op with companies in Uzbekistan’s Karakalpakstan
Croatian PM in self-quarantine after wife contracts COVID-19
UK records another 15,871 coronavirus cases with 479 deaths
Some 46,000 people gather in Paris to protest against security bill
Kazakhstan to modify large energy saving projects on railways
Severe fire danger for Australia as temperatures smash records
Dozens of Boko Haram militants killed in Nigeria airstrikes
Pope installs new cardinals, including first African-American
WHO reports new daily record high of over 747,000 COVID-19 cases
UK police arrest 155 in anti-lockdown protests in London
Assistant to Azerbaijani president posts footage from Tartar, Aghdam cities
UK, France sign new deal to stop illegal migration across Channel
Iran discloses electricity generation at Iran's Bandar Abbas TPP
Turkey reports 6,714 new COVID-19 cases, 487,912 in total
Zarif: Iran at forefront of fighting terrorism
Georgia takes necessary steps to avoid increase in bread prices
Ethiopian military has taken 'full control' of Tigray capital, government says
Iran’s Bahar Azadi gold coin price continues to fall
Weekly review of Azerbaijani precious metals market
Kazakhstan raises import of grain, legumes from Turkey
Buy/sell operations at Iran Mercantile Exchange revealed
AP publishes article covering Armenian missile attack on Azerbaijan’s Ganja on Oct.17 (PHOTO/VIDEO)
OIC adopts resolutions in connection with Armenia's aggression against Azerbaijan
President, members of Board of European Muslim Forum send letter to President Aliyev
Aghdam district of Azerbaijan after 27 years of Armenian occupation (VIDEO)
Kazakhstan to bring waste processing level to average European level
UK appoints minister in charge of COVID-19 vaccine rollout
Number of blocked malware in AzStateNet network drops
Airport in Uzbekistan to buy auto parts via tender
Iranian Energy Exchange announces products to be on sale November 29
Azerbaijani team takes third place in group exercises at 36th European Rhythmic Gymnastics Championships
At least 6 killed in Somali capital suicide bombing
Microsoft Azerbaijan to support all initiatives in liberated territories of Azerbaijan
Azerbaijan shows footage of Kalbajar's Vang village (VIDEO)
Police fire tear gas at Paris protest against police violence
Electricity imports growing in Georgia
Cargo, passenger traffic via Turkish Sabiha Gokcen Airport slumps amid pandemic
All news