Oil Prices Skid To Lowest Level Since March On Interest Rate Hike ConcernsOil Prices Dip To Lowest Level Since March; Traders Brace For Recession

U.S. crude futures tanked Wednesday to levels not seen since late March amid concerns of U.S. recession and signals of demand weakness in China. Meanwhile, markets awaited a Federal Reserve rate hike decision, and the May 1 start of the OPEC+ oil output reduction stirred the murky outlook for the year’s oil prices. X U.S. crude oil futures dropped below $70 per barrel Wednesday, hitting five-week lows, after sinking more than 5% Tuesday. Tuesday’s drop hinged on a number of factors: on another round of upheaval in the banking sector, on concerns over a possible U.S. debt default, on data…