Bloomberg headline: Crude Oil Wilts as Global Recession Concerns Batter Commodities
US benchmark WTI heads for weekly drop as raw materials sink
Fed chief Powell vows to fight fastest US inflation in decades
By Elizabeth Low
June 23, 2022, 11:52 PM UTC Updated onJune 24, 2022, 4:07 AM UTC
Oil headed for its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off.
West Texas Intermediate traded above $104 a barrel after diving almost 6% over the previous two sessions. The US benchmark has shed close to 5% this week, putting prices on course for their first monthly drop since November.