Oil drops for fourth straight day as demand concerns multiply
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
recession
‘Bazooka’ of oil preventing Brent Crude price from hitting $200
A “bazooka” of oil from the US reserve, lockdowns in China and a “surprising durability” of production in Russia are preventing Brent Crude oil from hitting $200 a barrel.
Oil drops as concerns over slowdown offset tight crude market
Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market.
Market Wrap: Recession concerns push oil lower and whipsaw stocks
Treasuries held a rally and oil slid Thursday as investors parsed the economic outlook after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession.
Crude oil sinks again as spectre of US slowdown alarms investors
Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning a US recession is possible.
Oil at $50 is driving Norway to zero as recession risk soars
With oil prices still wobbling around $50, Norway is in danger of a recession that could drive its benchmark interest rates, already at a record low, to zero. That’s what economists at Svenska Handelsbanken AB in Oslo say as they warn that “recessionary risks are significant.” The central bank in September cut rates to 0.75 percent and signaled more than a 50 percent chance for a third reduction since the drop in oil prices accelerated, about a year ago. Handelsbanken sees three cuts next year, bringing the benchmark to zero by the end of 2016. “The Norwegian economy will now experience a deeper downturn than during the financial crisis, with output expected to stay below its potential for longer than it did last time,” Kari Due-Andresen and Knut Anton Mork, economists at Handelsbanken, wrote in their latest report.
Russia warns of recession amidst falling oil exports and sanctions
The Russian government has acknowledged that the country will fall into recession next year, battered by the combination of Western sanctions and a plunge in the price of its oil exports. The news caused the stock market to drop and pushed the ruble to a fresh record low against the dollar. The economic development ministry today revised its GDP forecast for 2015 from growth of 1.2% to a drop of 0.8%. Russian households are expected to take hit, with disposable income seen declining by 2.8% against the previously expected 0.4% growth.