Crude oil futures fell to their lowest level of the year Wednesday amid growing concern about the state of the global economy.Crude oil prices are a tell on the global economy, which looks like it could be in trouble.The sell-off came despite ostensibly good news for the economy, as China announced plans to scrap the harsh regime of testing, quarantine and lockdowns that have pushed the nation's growth rate well below goals set by officials.
Growth for the first nine months of 2022 was 3%, well below the 5.5% full-year target the government sets for China's GDP.In theory, the end of so-called zero-COVID policy should be a good thing for global business,The market seems to be saying that's a very big "if.", focusing instead on returning China to the top ranks of the world's great powers.
Thanks Biden! (American politicians minimally sway the oil market. Taking credit or placing blame on them is, at best, simple.)
That’s what happens when the Republicans take the House. 🙄
KurtAlexanderPA
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