Oil Prices Sink As US Considers Tapping Reserves, Stocks Struggle

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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