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The drop in prices came despite a drop in production from OPEC+ . group Which produced 1.45 million barrels below its target levels in March, while Russian production began to decline in the wake of sanctions imposed by the West, according to a report from the coalition of producers seen by Archyde.com..
Global benchmark crude contracts fell Brent $5.8, or 5.2 percent, to $107.28 a barrel, by 1600 GMT.
US West Texas Intermediate crude contracts fell $5.7, or 5.28 percent, to $102.50 a barrel.
Warnings of high inflation
He had lowered International Monetary Fund He expects the global economy to grow by about a full percentage point, attributing this to Russia’s war in Ukraineand warned that inflation has become "A clear and present danger" over many countries.
In its latest World Economic Outlook, the IMF said it expects the war to slow growth andInflation increaseNoting that his expectations come in light of "Unusually high blur".
Growth may slow and inflation will rise further due to the imposition of more Sanctions on the Russian energy sector An expanding war, a sharper-than-expected slowdown in China and a new outbreak of the pandemic, while rising prices could cause social unrest.
The fund, which lowered its forecast for the second time this year, said that it now expects global growth of 3.6 percent in 2022 and 2023, down 0.8 and 0.2 percentage points from its expectations issued in January, given the direct effects of the war on Russia and Ukraine and its global repercussions..
The fund’s economic advisor and director of research, Pierre-Olivier Gorincha, said in a blog post published today with revised forecasts. "Global economic prospects have declined sharply, in large part due to the Russian invasion of Ukraine".
exacerbated the war inflation Which was already rising in many countries due to supply and demand imbalances caused by the pandemic, and the recent lockdown measures in China are likely to cause new bottlenecks in global supply chains.
The fund said the war, which Russia describes as "special military operation"has caused a catastrophic humanitarian crisis in Eastern Europe, as it led to the displacement of nearly five million Ukrainians to neighboring countries.
The economies of Russia and Ukraine are expected to contract sharply, while the growth forecast for the European Union, which depends heavily on Russian energy, for 2022 was cut by 1.1 percentage points..
Gorincha said "The war increases the chain of shocks to the supply chain International Economy In the last years. Like seismic waves, their effects will spread widely.. through Commodity markets Trade and Financial Links".
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The drop in prices came despite a drop in production from OPEC+ . group Which produced 1.45 million barrels below its target levels in March, while Russian production began to decline in the wake of sanctions imposed by the West, according to a report from the coalition of producers seen by Archyde.com..
Global benchmark crude contracts fell Brent $5.8, or 5.2 percent, to $107.28 a barrel, by 1600 GMT.
US West Texas Intermediate crude contracts fell $5.7, or 5.28 percent, to $102.50 a barrel.
Warnings of high inflation
He had lowered International Monetary Fund He expects the global economy to grow by about a full percentage point, attributing this to Russia’s war in UkraineAnd he warned that inflation has become a “clear and present danger” to many countries.
In its latest World Economic Outlook, the IMF said it expects the war to slow growth andInflation increaseNoting that his expectations come under “unusually high fog.”“.
Growth may slow and inflation will rise further due to the imposition of more Sanctions on the Russian energy sector An expanding war, a sharper-than-expected slowdown in China and a new outbreak of the pandemic, while rising prices could cause social unrest.
The fund, which lowered its forecast for the second time this year, said that it now expects global growth of 3.6 percent in 2022 and 2023, down 0.8 and 0.2 percentage points from its expectations issued in January, given the direct effects of the war on Russia and Ukraine and its global repercussions..
“Global economic prospects have deteriorated sharply, in large part due to the Russian invasion of Ukraine“.
exacerbated the war inflation Which was already rising in many countries due to supply and demand imbalances caused by the pandemic, and the recent lockdown measures in China are likely to cause new bottlenecks in global supply chains.
The fund said that the war, which Russia describes as a “special military operation”, has caused a catastrophic humanitarian crisis in Eastern Europe, as it led to the displacement of about five million Ukrainians to neighboring countries..
The economies of Russia and Ukraine are expected to contract sharply, while the growth forecast for the European Union, which depends heavily on Russian energy, for 2022 was cut by 1.1 percentage points..
“The war adds to the chain of supply shocks that have been hit,” Gorincha said International Economy In the last years. Like seismic waves, their effects will spread widely.. through Commodity markets Trade and Financial Links.