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Oil drops for a second week as recession fears magnify

BNN: 'West Texas Intermediate settled above US$97 a barrel, down 6.9 per cent this week. Oil saw another hugely volatile week of trading, which saw prices at one point wipe out all of their gains since Russia invaded Ukraine. Earlier this week, a report showed that US inflation rose to its highest in four decades while high US gasoline prices are starting to take their toll on consumption.


'“Oil has been volatile, particularly to the downside in recent days because of concerns about the state of the Chinese economy and the red-hot inflation print from the US this week,” said Rohan Reddy, director of research at Global X Management.'

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Citation Moving Marvels
Citation Moving Marvels
2023-10-31

Oil prices fell for a second week in a row, with benchmark U.S. crude falling to its lowest level in nearly two months amid fears of a broader recession.


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