Oil Sinks as Dour IMF Forecast Sparks Global Growth Concerns
- WTI crude futures settle below $103 after four-day climb
- IMF cut growth forecast to 3.6% in 2022, down from 4.4%
This article is for subscribers only.
Oil extended losses after the International Monetary Fund downgraded its global growth forecast, intensifying market concerns of an economic slowdown in the wake of hawkish comments from U.S. Federal Reserve officials.
West Texas Intermediate fell more than $5 to settle below $103 on Tuesday, the sharpest drop in more than a week. The IMF slashed its world growth forecast by the most since the early months of the Covid-19 pandemic and projected even faster inflation. The market opened on a downbeat after Fed Reserve Bank President James Bullard said late Monday the central bank needs to move quickly to raise interest rates to quell inflation.