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  • Oil falls on uncertainty over fuel demand recovery

     geemong updated 1 month ago 1 Member · 1 Post
  • geemong

    Member
    May 20, 2022 at 8:00 am

    Oil falls on uncertainty over fuel demand recovery<div>


    Oil prices fell on Friday as investors worried that weakening global economic growth and tighter central bank monetary policy could curb a recovery in fuel demand.

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    Brent futures for July fell 63 cents, or 0.56 per cent, to $111.41 a barrel by 0432 GMT, while U.S. West Texas Intermediate (WTI) crude for June fell $1.36, or 1.21 per cent, to $110.85 on its last day as the front-month.

    The more actively traded WTI contract for July was down 0.82 per cent at $108.99 a barrel.

    The International Monetary Fund (IMF) urged Asian economies to be mindful of spillover risks from monetary tightening.

    Asian economies faced a choice between supporting growth with more stimulus and withdrawing it to stabilise debt and inflation, IMF Deputy Managing Director Kenji Okamura said.

    While Bank of Japan policy runs counter to a global shift towards monetary tightening, central banks in the United States, Britain and Australia raised interest rates recently.

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