Oil Steadies After Slide as Traders Weigh Recession Risk, Dollar

Following a two-day decline, oil prices stabilised as investors weighed slowdown worries

including President Joe Biden's remarks that a US recession was possible, against changes in the dollar and risk appetite.

After falling more than 3% over the previous two sessions, West Texas Intermediate recovered a loss of as much as 1.2% to trade above $89 per barrel.

Biden's cautious judgement came after similarly pessimistic statements from Jamie Dimon, the CEO of JPMorgan Chase & Co., and the International Monetary Fund.

The dollar lost momentum on speculation that the Bank of England could take additional measures to calm its domestic markets

particularly gilts, after a period of turbulence, which led to a narrowing of oil's intraday losses. 


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