Oil Prices Fall 5% After IMF Cuts Growth Outlook

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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.

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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.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. Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed. OPEC+, which groups OPEC and allies led by Russia, agreed last month to a monthly oil output boost of 432,000 bpd for May, resisting pressure by major consumers to pump more. The IMF lowered its forecast for global economic growth by nearly a full percentage point, citing Russia's invasion, and said that inflation is now a "clear and present danger" for many countries.Oil prices were down about 5% in volatile trading on T