Oil fell as risks to demand from a global slowdown halted a powerful rally triggered by OPEC+’s decision to defy the US by cutting supply. West Texas Intermediate dropped toward $92 a barrel on fears the Federal Reserve will have to go on hiking rates to quell inflation, ending a week-long, 17% rally that came as the Organization of Petroleum Exporting Countries and allies including Moscow cut output. In Asia, China’s markets reopened amid concern about persistent Covid-Zero curbs before a key government summit. Oil along with other commodities and risk assets including equities remain pressured by the slowdown concerns, with crude giving up all of the gains triggered by Russia’s invasion of Ukraine. While the move by OPEC+ to reduce output drew a rebuke from the US, a slew of leading banks said it […]