Oil slides after IMF says slowing global growth engines portend tougher 2023

Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity. Brent crude futures dropped 98 cents, or 1.1 per cent, to $84.93 a barrel by 0148 GMT while US West Texas Intermediate crude was at $79.49 a barrel, down 77 cents, or 1pc, after the US dollar strengthened. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies. IMF Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China — the main engines of global growth — are all slowing down simultaneously, making 2023 tougher than 2022 for the global economy. Still, oil prices settled more than 2pc higher on Friday with Brent and WTI closing 2022 up 10.5pc and 6.7pc, respectively.