Oil prices to remain high | Sunday Observer

Oil prices to remain high

22 May, 2022

As a growing number of economists and Wall Street bankers warn that a recession is coming later this year or next year, another camp of analysts says that a recession — even if it did occur — may not be as severe a hit to global oil demand and prices as the Covid-inflicted crash or the 2008 recession.    

The Fed is raising interest rates, and annual inflation in most of the developed economies is at the highest it’s been for four decades.

The Russian invasion of Ukraine is also depressing the economic outlook for Europe, while food prices globally are soaring as the two rivals in the war are major exporters of agricultural commodities. Russia is also a major exporter of energy commodities.

– OilPrice.com