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Oil prices slump on gloomy economic outlook

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.

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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.

For more stories on economy & finance visit RT’s business section

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January 04, 2023 at 06:53PM
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