The World Bank on Tuesday cut its global growth forecast for 2022 by a third, warning that Russia's invasion of Ukraine has compounded the damage from the coronavirus pandemic and that many countries are now facing a recession.
Meanwhile, global supplies of crude oil and petroleum products remain tight, boosting diesel profit margins for Asian refiners to record levels, as Western sanctions hamper exports from Russia.
The CEO of global commodity trading company Trafigura said oil prices could soon reach $150 a barrel and rise this year, with demand likely to be destroyed by the end of the year.