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Oil Falls More Than 2 Percent on Recession and China COVID-19 Fears

Started by Epoch-Times-Bot, Oct 11, 2022, 07:45 AM

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Epoch-Times-Bot

Oil Falls More Than 2 Percent on Recession and China COVID-19 Fears

LONDON—Oil slid more than 2 percent on Tuesday, extending losses of nearly 2 percent in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.
World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem.
Brent crude fell $2.30, or 2.4 percent, to $93.89 a barrel by 1006 GMT. U.S. West Texas Intermediate crude dropped $2.12, or 2.3 percent, to $89.01.
“There is growing pessimism in the markets now,” said Craig Erlam of brokerage OANDA.
Oil has dropped sharply on economic fears after surging earlier in 2022, when Brent came close to its record high of $147 as Russia’s invasion of Ukraine added to supply concerns....

Source: Oil Falls More Than 2 Percent on Recession and China COVID-19 Fears

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