Oil Prices Slide As IMF Sees Global Economy Teetering On The Brink

Crude oil prices fell on Tuesday as the International Monetary Fund warned that high inflation and the Russian-Ukraine war could send the global economy to the brink of a recession. In an update to its World Economic Outlook, the IMF also slashed global GDP growth forecasts for this year, to 3.2%, as GDP already contracted in Q2. The new estimate is down from its forecast of 3.6% made in April. At 1:36 p.m. ET, WTI was trading at $95.73, down $0.97 (-1.00%) on the day. Brent crude slipped to $104.80, down $0.31 (-0.29%) on the day, with a wide…