Oil prices fall 5% after IMF cuts growth outlook | Reuters

Oil prices fall 5% after IMF cuts growth outlook | Reuters

Oil prices were down about 5% in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) cut its economic growth forecasts and warned of higher inflation.

Brent crude , the global benchmark, fell $5.91, or 5.22%, to settle at $107.25 a barrel, while U.S. West Texas Intermediate dropped $5.65, or 5.22%, to settle at $102.56 a barrel.

Prices declined despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian output began to decrease following sanctions imposed by the West over its invasion of Ukraine, according to a report from the producer alliance seen by Reuters. read more

Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed.