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Oil rises after sell-off but euro stuck at 20-year low, equities drop

admin2022-11-2012

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Consumers are beginning to feel the pressure of the high cost of fuel, which could push prices down in a phenomenon known as demand destruction, say experts. – The Malaysian Insight file pic, July 6, 2022.

OIL prices rose today after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors.

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Both main crude contracts were pummelled yesterday as investors grow increasingly worried that leading economies will contract this year or next owing to sharp central bank interest rate hikes aimed at fighting decades-high inflation.


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