- January 12, 2023
- Posted by: Stratford Team
- Category: Economy
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Crude oil prices are on the rise despite warnings from both the International Monetary Fund and the World Bank that a recession is likely this year. Photo by John Angelillo/UPI | License Photo
Jan. 11 (UPI) — Crude oil markets on Wednesday were largely ignoring what seemed to be weak demand indicators from the U.S. economy, focusing instead on China’s reopening.
Crude oil prices this week moved in defiance of recent warnings about the health of the global economy. The World Bank on Tuesday added its voice to the growing chorus of those, including the International Monetary Fund, warning of a global recession in 2023.
Global policymakers are hiking lending rates in an effort to cool demand enough to lower consumer-level inflation, though they risk throttling activity enough to usher in an economic contraction.
The World Bank estimated Europe, for example, will see no economic growth at all this year.
Oil prices,…
