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Tag Archives: recession

Oil prices drop amid recession worries, U.S. dollar strength

New York, U.S. | Xinhua | Oil prices fell on Thursday as traders grew concerned that major central banks’ policy tightening would trigger a global recession and cripple demand for energy. The West Texas Intermediate (WTI) for January delivery lost 1.17 dollars, or 1.5 percent, to settle at 76.11 U.S. dollars …

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Disastrous U.S. policies weigh on world economy

Beijing, China | Xinhua | The U.S. Federal Reserve announced earlier this month the fourth consecutive three-quarter point interest rate hike to cool record levels of inflation, another aggressive move leaving economists fearing a recession ahead. The Fed has committed to hawkish rate hikes to fight inflation while standing by as …

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Experts call for measures to avert economic crisis in Africa

  Nairobi, Kenya | Xinhua | Financial experts on Tuesday called for the effective implementation of measures in order to avert an economic crisis in Africa. Catherine Pattillo, deputy director of the African Department at the International Monetary Fund (IMF), said in Nairobi, Kenya’s capital, that the global recession coupled with …

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OPEC+ to cut oil output by 2 mln bpd from November

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The oil alliance …

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At what point do oil prices trigger a U.S. recession?

Washington, U.S. | Xinhua | The United States could see a recession if rapidly rising oil prices hit a crucial tipping point, economists have warned. Oil prices are surging worldwide, and the conflict in Ukraine has exacerbated numerous factors that have already caused record price hikes, according to experts. Bernard Baumohl, …

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