Oil About To Post First Full Weekly Loss In 3 Months

As fears of a global recession deepen, oil prices may end the week with the first five-day consecutive losses since April, Bloomberg has reported, also noting the Fed’s intention to tighten monetary policy sharply further. Last week, the U.S. central bank announced the biggest rate hike since 1994, at 0.75 percentage points, as it tries to rein in inflation using all means available. The move sparked concern among lawmakers, and this week, the Fed’s chair gave testimony to the Senate banking committee. In it, the official admitted that…