Oil prices slide on uncertainty over global economic outlook, rate hikes
Both contracts fell more than 5% last week, their first weekly drop in five, as U.S. implied gasoline demand fell from a year ago, fuelling worries of a recession at the world’s top oil consumer.
Central banks from the United States to Britain and Europe are all expected to raise interest rates when they meet in the first week of May, seeking to tackle stubbornly high inflation. (Image credit: Reuters)