Stocks ignored such worries on Friday, gaining ahead of US jobs data that will provide another clue to the health of the world’s largest economy, as oil slipped to its lowest level since the start of the war in Ukraine.
The benchmark Brent crude futures LCOc1 rose a touch to $94.23 a barrel, and the US crude futures CLc1 advanced a little to $88.70 a barrel, after closing at their lowest levels since February.
Last week’s surge in US inventories contributed to the losses.
“It’s a combination of the inventory data and a bit of worry about demand. Because the market is worried about growth more than inflation – even though inflation is still a major issue – the oil price has come down,” said Prashant Bhayani, chief investment officer for Asia at BNP Paribas Wealth Management.
The closely watched gap between two- and 10-year Treasury yields reached 39.2 basis points overnight, the deepest inversion since 2000, signaling further trouble for the global economy.
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