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Crude Oil Prices Fell Below $94 Per Barrel on Weaken Energy Demand

Brent Crude Oil : Fell below $94 per barrel on Wednesday, declining for the third straight session, pressured by mounting risks of a global recession that would significantly weaken energy demand.

The IMF downgraded its 2023 growth forecast for the global economy due to high inflation, tighter financial conditions, Russia’s invasion of Ukraine and the lingering Covid-19 pandemic, saying “more than a third of the global economy will contract this year or next,” and that “2023 will feel like a recession” to many people.

The US Federal Reserve’s aggressive tightening campaign to quell surging inflation, a strong dollar and China’s Covid-related woes also weighed on the global outlook and energy markets. Meanwhile, investors will gain fresh insights on oil markets this week, with OPEC, the International Energy Agency and the US Energy Information Administration all set to release their monthly outlooks.