Brent falls for a third day on global economy concerns

Brent crude remained flat as the US market opened on Monday to continue its losses for a third straight day under pressure from rising global recession concerns, which could lead to weaker demand for fuel.

By 1315 GMT, Brent fell to $66.80 a barrel from the opening of $66.99 with a high of $67.15 and a low of $66.34.

Brent futures lost 1.1% on Friday, the second daily loss in a row, with corrections and profit taking from a four-month high of $68.68 per barrel.

In addition to signs of a slowing economic growth throughout Asia, Europe and North America, with concerns over weak fuel demand levels and a widening gap between supply and demand in a market that has long been looking for balance.

The Morgan Stanley bank in the United States stated, that Growth and profit estimates have been revised downwards in all major regions of the world

Similarly, ANZ bank also said, that the bleak outlook for the global economy overshadowed supply-side slips, especially cuts led by the OPEC Plus alliance, and the drop in supplies from Iran and Venezuela due to the US sanctions.

As in the United States, for the first time since 2007, US 10-year Treasury yields fell lower than the three-month Treasury yields, with this reverse-yield curve indicating a near recession.

While in Europe, industrial production data in Germany and Europe also shrank in March for the third consecutive month, in a new sign that the euro zone's sharp economic decline is continuing.