The IMF slashed its world growth forecast by the most since the early months of the Covid-19 pandemic and projected even faster inflation. (Bloomberg) — Oil extended losses after the International Monetary Fund downgraded its global growth forecast, intensifying market concerns of an economic slowdown in the wake of hawkish comments from U.S. Federal Reserve officials. Recent data shows China’s economic growth slowing, which has heightened concerns about demand falling in one of the world’s biggest crude importer. The Sharara field in the west of the country, which can pump 300,000 barrels a day, has been closed as protests spread. A full and immediate ban on Russian oil could push crude to $185 a barrel, JPMorgan said in a report.

Source: Libya Today April 19, 2022 15:36 UTC