Oil futures ended sharply lower on Thursday amid rising concerns about the outlook for energy demand due to worries about a recession and on reports showing a surge in Covid-19 cases in China.
Oil prices fell on worries that aggressive rate hikes by major central banks may lead to a global economic slowdown and dent fuel demand.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.