Crude takes fresh hit as fear of global slowdown scars commodities

Oil fell again, along with other key commodities, as concerns over a global economic slowdown intensified, with Federal Reserve (Fed) Chair Jerome Powell warning that a US recession is possible.

West Texas Intermediate sank towards $104 a barrel after closing at a six-week low on Wednesday. The US benchmark has lost more than 15 per cent since June 8 as warnings about the world’s economy grow steadily louder, drowning out signs the oil market remains tight.

Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a possibility. Commodity price rises “clearly” were connected