Oil prices wilt in the face of recession fears

A crude oil tanker is shown at Qingdao Port, Shandong province, China. File photo: REUTERS/JASON LEE— Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

“Those recession concerns are drumming louder and taking oil lower this morning,” said Howie Lee, an economist at Singapore’s Oversea Chinese Banking, pointing to strong US consumer price index data on Wednesday. The EU is still haggling over the details of the Russian embargo. The vote needs unanimous support, but it has been delayed as Hungary opposes the ban because it would be too disruptive to its economy.

Source: Loan Digest (loandigest.net)

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