Oil Prices Plummet Amid Recession Fears and Weak Demand Data
Oil prices have crashed for the second day in a row due to growing concerns over a recession, rising interest rates, and the possibility of a Chinese demand shortfall. The collapse of First Republic Bank, the second-largest US bank to fold since 2008, has also added to market anxiety. JPMorgan Chase & Co. has taken over the bank's assets, but investors remain jittery. There are also fears that Russian output may not have fallen despite government announcements, with reports suggesting that crude shipments remain strong despite sanctions and embargoes.