Oil prices plunge as global growth and US recession warnings keep piling up
Crude oilprices fell more than 5% Tuesday as economic warnings piled up.
IMFslashed its forecast for global economic growth to 3.6% for 2022 and 2023.
Crude oil prices sank more than 5% Tuesday as new warnings about global growth and the US economy cropped up.
The IMF said Tuesday it was pulling back its global economic growth projections to 3.6% for the remainder of 2022 and 2023, down from its January projections for growth of 4.4% and 3.8%, respectively. The IMF said the war in
That downgrade followed a similar one on Monday from the World Bank, which lowered its 2022 growth view to 3.2% from 4.1%.
In midday trading, US crude oil prices were down 5.3% at $102.50 a barrel, and Brent crude dropped 5.1% to $107.38.
Meanwhile, views of the US economy are worsening as well.
Fannie also said it expects the recession to unfold via the housing market, where it is now forecasting a 7.4% decline in activity in 2022 — worse than a prior view for a 4.1% drop. Fannie expects the decline to deepen in 2023, when it projects a 9.7% downturn.
On Monday, Goldman Sachs put the odds of a US recession at roughly 15% in the next 12 months and 35% within the next 24 months, saying 11 out of 14 Fed tightening cycles since World War II were followed by a recession within two years.
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