Oil Dips As IMF Slashes Economic Growth Forecasts

As Shanghai prepares to reopen factories amid a strict COVID-19 lockdown that had driven oil prices lower last week, the IMF has cut its global economic growth forecasts tempering oil prices.  Brent crude was trading $107, down over 5% on Tuesday after the IMF cut its global economic growth forecast by almost 1%, citing Russia’s war on Ukraine and the primary uncertainty.  The IMF has also sounded warning bells over China’s economy, slashing China’s GDP growth estimate for 2022 to 4.4%, down from its 4.8% estimate in…