Oil drops on recession fears and China COVID curbs – NewsBreak

LONDON, May 24 (Reuters) – Oil fell by almost $1 on Tuesday as concerns over a possible recession and China’s COVID-19 curbs outweighed tight global supply and expectations of a pick-up in fuel demand with the U.S. summer driving season. Investment banks including UBS and Goldman Sachs have cut their 2022 China growth outlooks. The head of the International Monetary Fund, meanwhile, said she does not expect a recession for major economies but cannot rule it out. “Downgraded China GDP growth forecasts and increasing worries about wider virus restrictions in Beijing have pushed oil prices lower,” said Jeffrey Halley, analyst…