China has locked down the city of Chengdu, beginning today, as the latest demonstration of its zero-Covid strategy.
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes
While energy prices are still below their most recent highs, they’ve been ticking upward again more recently.
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.
Fuel is a key ingredient required to power the economy, and therefore its level of consumption has a direct relationship with how strong an economy is
Global benchmark Brent crude futures fell 21 cents, or 0.2 per cent, to US $100.00. The US West Texas Intermediate crude futures contract was down 10 cents, or 0.1
Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5 per cent for the week on a stronger dollar and demand fears
Oil prices fell by more than US$4 a barrel on Monday on demand fears as disappointing Chinese economic data renewed global recession concerns.
The most recent signal that Europe may soon face a recession comes from oil traders, who are selling European gas oil futures while buying U.S. diesel futures.
West Texas Intermediate was down 0.7% near $88 a barrel, after earlier rising above $90.