The director of the Schork Group, Stephen Schork, argues that a recession is “inevitable” as the US grapples with rising energy costs.
Oil prices fell Thursday night after a week of worries about rate hikes, global growth and COVID-19 lockdowns in China hit demand.
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U.S. West Texas Intermediate (WTI) crude oil futures fell 74 cents, or 0.7%, to $103.05 a barrel.
Brent futures fell 63 cents, or 0.6%, to $107.70 a barrel.
Pumpjacks operate in Bakersfield, Calif. (AP Photo/Jae C. Hong, File) (AP Photo/Jae C. Hong, File / AP Newsroom)
For the week, both benchmarks are heading for declines of around 3.7%.
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Global growth concerns dominated the second half of the week, which also included the International Monetary Fund cutting its global growth forecast by almost a full percentage point, according to Reuters.
Federal Reserve Chair Jerome Powell indicated on Thursday that future rate hikes will push the US dollar higher.
A higher dollar makes oil more expensive for buyers holding other currencies.
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The European Union could ban Russian oil and Germany will stop importing oil from Russia by the end of the year.