Crude Oil Moves Back To The Downside Amid Demand Worries

(RTTNews) - The price of crude oil moved to the downside during trading on Monday, giving back ground after moving sharply higher over the two previous sessions.

After jumping $0.93 or 1.2 percent to $76.32 a barrel last Friday, crude for April delivery slid $0.64 or 0.8 percent to $75.68 a barrel.

The pullback by the price of crude oil came as traders expressed continued concerns higher interest rates will tip the global economy into a recession.

With recent economic data suggesting the Federal Reserve will raise rates more than previously anticipated, worries about the outlook for global demand continue to weigh on oil prices.

Meanwhile, traders largely shrugged off news that Russia has halted exports of oil to Poland via the Druzhba pipeline

"Oil got an early boost after the halting of a Russian pipeline to Poland, but that was unable to help shake off demand worries," said Edward Moya, senior market analyst at OANDA.

He added, "Oil seems like it will stay heavy as both tensions between the two largest economies and recession worries grow."