Oil prices were trading range-bound on Wednesday after the International Monetary Fund (IMF) scaled down its global growth projections for 2022. Prices fluctuated as it received support from concerns about tighter supplies.
Brent oil futures were trading at around $108.20 per barrel as of 13:42 UTC on April 20, very near to its opening price. Prices fell close to the $107 level and bounced higher to around $108.90 before declining once more.
Oil prices were affected as the IMF downgraded its forecast for 2022 global growth for the second time to 3.6 percent, a fall of 0.8 percentage points from the previous estimate. Growth for 2023 was reduced by 0.2 percentage points to 3.6 percent. In 2021, the global growth was at 6.1 percent.
…