KONTAN.CO.ID - LONDON. Oil prices fell about 2% on Tuesday, extending the previous session's almost 2% decline, as recession fears and a flare-up in COVID-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remains a continuing problem. Brent crude was down $1.63, or 1.7%, to $94.56 a barrel by 1335 GMT. U.S. West Texas Intermediate crude dropped $1.82, or 2%, to $89.31.
Oil Falls on Fears of Global Recession, China COVID Flare-Up
KONTAN.CO.ID - LONDON. Oil prices fell about 2% on Tuesday, extending the previous session's almost 2% decline, as recession fears and a flare-up in COVID-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remains a continuing problem. Brent crude was down $1.63, or 1.7%, to $94.56 a barrel by 1335 GMT. U.S. West Texas Intermediate crude dropped $1.82, or 2%, to $89.31.