Skyrocketing Oil Prices Spark Fears Of A Global Recession

The more Russian oil supply comes off the market in the coming months, the higher the chances of a global recession later this year, economists and analysts have started to warn since Russia invaded Ukraine a month ago.

The latest warning came this week from two economists from the Research Department at the Federal Reserve Bank of Dallas. Should a large part of Russia's energy exports remain off the market throughout this year, a global economic downturn seems unavoidable, Lutz Kilian and Michael D. Plante wrote in an analysis on Tuesday. The analysis also warned that this slowdown could be more protracted than the 1991 recession following the oil supply shock from Iraq's invasion of Kuwait in 1990. $Southwestern Energy(SWN.US)$ $Exxon Mobil(XOM.US)$ $United Sts Brent Oil Fd Lp Unit(BNO.US)$ $Imperial Petroleum(IMPP.US)$ $W&T Offshore(WTI.US)$ $Camber Energy(CEI.US)$ $S&P 500 Index(.SPX.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Dow Jones Industrial Average(.DJI.US)$ $Nasdaq Composite Index(.IXIC.US)$