Oil slides after IMF says slowing global growth engines portend tougher 2023 -Florence Tan

-ThePrint.in

IMF Managing Director Kristalina Georgieva said Sunday that US, Europe and China are all slowing down simultaneously, making 2023 tougher than 2022 for the global economy.

Singapore: Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity.

Brent crude futures dropped 98 cents, or 1.1%, to $84.93 a barrel by 0148 GMT while U.S. West Texas Intermediate crude was at $79.49 a barrel, down 77 cents, or 1.0%, after the U.S. dollar strengthened. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies.

IMF Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China – the main engines of global growth – are all slowing down simultaneously, making 2023 tougher than 2022 for the global economy.

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