Oil prices varied drastically as the market tried to balance demand concerns; about the impending recession with fears that Russia might cut off all oil and gas supplies.
After Russian President Vladimir Putin threatened to halt all oil and gas supplies if Russia’s energy resources were subject to price regulations, oil recovered some of its losses.
When the European Central Bank meets, it is largely to raise interest rates dramatically. On Sept. 21, there will be a meeting of the U.S Federal Reserve.
China’s weak economic indicators and strict zero-COVID policy have made demand problems worse.