Oil Sinks on IMF Global Growth Forecast Oil extended losses after the International Monetary Fund downgraded its global growth forecast, intensifying market concerns of an economic slowdown in the wake of hawkish comments from U.S. Federal Reserve officials. West Texas Intermediate fell more than $5 to settle below $103 on Tuesday, the sharpest drop in more than a week. The IMF slashed its world growth forecast by the most since the early months of the Covid-19 pandemic and projected even faster inflation. The market opened on a downbeat after Fed Reserve Bank President James Bullard said late Monday the central bank needs to move quickly to raise interest rates to quell inflation. China’s health officials said the Covid Zero approach will continue , with the country deploying strict lock downs that are snarling up the world’s second-largest economy. Recent data shows China’s economic growth slowing, which has heightened concerns […]