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Volatile crude, impending recession roil global markets- The New Indian Express

Express News Service

Volatile oil prices and the signs of an impending global recession are roiling both economic indicators and consumer sentiment the world over. In an environment fraught with ‘anything-can-happen’, the worst casualty is the ability to predict which way things are going to move. With the Ukraine war and the sanctions on Russian oil and gas, pundits had predicted the rise and rise of crude prices in the face of looming shortages. In the last few days and weeks, things have moved in the opposite direction. Last Tuesday and Wednesday, the two crude benchmarks –Brent and West Texas Intermediate (WTI) – tested $100 a barrel for the first time since April. Brent and WTI collapsed 10% on fears of a coming recession and a problem of over-stocking in the US. Gasoline prices at US pumps have fallen for three weeks at a stretch and are retailing at $4.80 a gallon as compared to $7 a gallon just…

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