Oil prices slipped again as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets and investors monitored developments from the gathering of Group of Seven leaders.
“There’s been a real risk-off tone across markets and commodities are at the forefront of inflationary fears - they’re being dumped pretty heavily by investors as fears increase,” he said.Sean Gallup/Getty Images He added that vehicle traffic numbers in the US “remain robust” despite near-record high prices at the petrol pump.in efforts to reduce the Russia’s oil and refined product export revenue while limiting the damage to other economies are ongoing.
Hynes sees the proposal more as a “ploy to talk down the oil price” considering the impact sky-high prices are having on inflation.
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