Oil continued its decline as record U.S. inflation and disappointing earnings from Wall Street intensified fears of a recession.
Oil continued its decline as record US inflation and disappointing earnings from Wall Street intensified fears of a recession.
Nonetheless, global oil supply remains strained, as can be seen in timespreads showing a wide premium for immediately available barrels. Goldman Sachs Group Inc. said the market is “screaming” tightness and that this week’s selloff has been driven by low liquidity and technical factors. President Joe Biden landed in the Middle East on Wednesday just as a report showed US inflation soared to a four-decade high last month, much of it driven by energy costs.
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