Oil prices fall over 1% on recession fears

Oil drilling rigs

Oil prices declined today, May 1, on the releases of economic data that stirred recession fears.

China Purchasing Managers' Index fell unexpectedly to 49.2 points in April, compared with 51.9 points in March, compared with expectations of 51.4 points.

Meanwhile, the US Manufacturing Purchasing Managers' Index (PMI) rose to 47.1 points in April, compared with 46.3 points in March. However, the index is still in a contractionary range, as it remains below 50 points for the sixth month in a row.

Brent crude for July delivery settled 1.3% lower at $79.31 a barrel. WTI June contracts shed 1.5% to $75.66 a barrel.