Oil Futures Falls Amid Concerns Over Economic Slowdown

Oil prices recede as markets bounce between fears of supply disruptions from the war in Israel and worries about slowing global growth curbing demand. The risk of Middle East oil producers being engulfed in the conflict remains, but hasn’t materialized so far. On the other hand, rising US Treasury yields stock recession fears. “The higher yields go the closer to recession we get to,” says Spartan’s Peter Cardillo. US Treasury yields have be hovering around multiyear highs. WTI crude trades at $87.54 a barrel, down nearly 1%.