Oil fell for the first time in almost two weeks as disappointing US economic data ignited fears of a recession and sparked a sell-off across Wall Street.
West Texas Intermediate reversed course after hitting the highest intraday price since early December, falling almost 1%. Demand data out of China boosted oil prices at the start of the session but the commodity’s surge hit a roadblock when equities turned sharply lower and the dollar rebounded.
Business equipment production and retail sales slowed in the US, reviving slowdown concerns even as China rebounds from Covid-related losses. While global oil markets are set to face a bigger surplus than expected in the first quarter, global consumption is on track to reach a record-daily average this year with China leading the way, the International Energy Agency said in its latest…
