Oil prices dropped by almost 1 percent on Monday, with concerns recession could be looming outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. futures were at $66.56 per barrel at 0410 GMT, down 47 cents, or 0.7 percent, from their last close.U.S. West Texas Intermediate (WTI) futures were at $58.52 per barrel, down 52 cents, or 0.9 percent, from their previous settlement.Both  price benchmarks have slumped by more than 3 percent since last week hitting their highest since November 2018.Concerns about a potential U.S. recession resurfaced late last week after bearish remarks by the U.S. Federal Reserve, with 10-year treasury yields slipping below the three-month rate for the first time since 2007.Historically, an inverted yield curve – where long-term rates fall below short-term – has signalled an upcoming recession.Adding to the fears of a more widespread global downturn, manufacturing output data from Germany, Europe’s biggest economy, shrunk for the third straight month.



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