Oil slides in volatile trade after IMF cuts growth outlook | Reuters
Oil prices were down nearly 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.
Prices fell despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian output began to decline following sanctions imposed by the West, 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.
Brent crude was down $5.48, or 4.8%, at $107.68 a barrel at 1:28 p.m. EDT (1728 GMT), while U.S. West Texas Intermediate crude fell $5.26, or 4.9%, to $102.95.
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