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

Source: investors.com investors.com

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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...