Oil prices tumble on recession fears as equities decline


US gasoline prices are still very high, but a bit off their record, with the national average easing to US$4.955 a gallon, according to the American Automobile Association. – EPA pic, June 23, 2022.

OIL prices fell yesterday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell acknowledged interest rate hikes could lead to a recession.

US stocks had a choppy session, pushing into positive territory for a time after Powell reiterated the need to counter soaring inflation, but cautioned that a recession was “certainly a possibility” amid the ongoing interest rate hikes.


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