Traders work on the floor of the New York Stock Exchange on March 30, 2022, in New York City. GETTY IMAGES NORTH AMERICA / Getty Images via AFPOil prices tumbled Thursday on reports that the United States is considering tapping its reserves to combat a supply crisis sparked by the Ukraine war.
However, that sent prices soaring further and put added upward pressure on world inflation, which was already at multi-decade highs. A coordinated release earlier this year, before the war, did little to temper a rally in prices, which were being boosted by the global economic reopening and expectations for a pick-up in demand.
Adding to selling pressure was data showing signs of a further slowdown in China’s manufacturing sector caused by Covid lockdowns around the country.
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