6 August
Oil declines amid recession fears
Oil prices fell by 2% on Monday, i.e. for the first time after five consecutive hikes. Investors are concerned that adverse economic conditions could lead to a recession in world markets and undermine fuel demand.
The reason is the comments of the Federal Reserve (Fed) on rising interest rates, and deteriorating economic environment.
Fed’s Vice Chairman Lael Brainard noted that monetary tightening has already affected the economy, but its aftereffects won’t be so evident in the coming months.
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