Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Down As Worries About Recession Grow

Commodities May 23, 2022 11:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Oil was down on Tuesday morning in Asia as investors’ concerns about a possible recession and weaker consumption grew.

Brent oil futures fell 0.44% to $110.29 by 11:38 PM ET (3:38 AM GMT) and crude oil WTI futures were down 0.41% to $109.84.

Investors continued to be concerned about a possible recession. Some of the world’s well-heeled flagged the risk of a worldwide recession at the annual Davos economic summit which began on May 22.

International Monetary Fund Managing Director Kristalina Georgieva said on Monday that she did not expect a recession for major economies but could not rule one out.

“Investors were selling off as they expected higher oil prices to dent consumption for fuels worldwide,” Fujitomi Securities Co. Ltd. analyst Toshitaka Tazawa told Reuters.

“But lingering concerns over tight global supply and hopes for demand recovery in China were providing some support,” he added, predicting that Brent oil futures will stay within a range of $105-$115 a barrel for a while.

China, the world’s largest oil importer, promises stimulus such as rolling out new investment projects. The country will offer more than 140 billion yuan ($21 billion) in additional tax relief to offset the heavy impact of lockdowns on businesses.

Shanghai is aiming to normalize life from June 1 as the number of COVID-19 infectious cases declines.

Meanwhile, the European Union is likely to agree on an embargo on Russian oil imports “within days”, according to Germany, the biggest member.

Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day.

 
Oil Down As Worries About Recession Grow
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email