Oil Slides Back As Weak Economic Data Deepen Recession Fears

17 Aug 2022 , 04:30 PM

Crude oil dropped back to 6-month low, unable to hold to modest recovery seen in early Asia today. Bleak economic data from across the globe pointing an imminent recession and weaken demand weighed down the commodity. UK consumer price inflation accelerated further in July to the highest since 1982 on surging food and fuel prices, adding pressure on the Bank of England to tighten the policy again despite the looming recession. Consumer price inflation rose to 10.1 percent in July from 9.4 percent in June, the latest data from the Office for National Statistics showed on Wednesday. Crude oil prices recovered to as much as $87.69 in early trades after API data showed a bigger than expected crude draw last week. However, oil eased thereafter and is lingering close to 6-month low of $86.67 per barrel. Powered by Commodity Insights