Oil prices slump on gloomy economic outlook
Oil prices have been sliding amid surging Covid cases in China and gloomy predictions for this year, trading data shows Read Full Article at RT.com
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Covid in China and a dire warning from the IMF are driving crude down
Oil prices continued to slide on Wednesday, weighed down by China’s rising Covid cases and a recession warning from the International Monetary Fund.
Brent crude futures for the March contract had fallen to $79.26 a barrel, a 3.4% loss, as of 12:41 GMT. WTI, the American benchmark, was down over 3.2%, falling to $74.47 per barrel. On Tuesday, both benchmarks plunged more than 4%.
The number of Covid-19 cases has surged in mainland China over the past few days, triggering fears of more disruption for an economy already weakened by nearly three years of pandemic restrictions.
READ MORE: IMF issues dire warning
The unrelenting surge of Covid in China, the ongoing Ukraine conflict, soaring consumer prices, and higher interest rates will drive a third of the global economy into recession this year, Kristalina Georgieva, the head of the International Monetary Fund, warned last week.
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