Yakubu
consumer confidence that dropped to a ninemonth low in the month of April as most Americans were worried the economy is gradually plunging into a recession this year.
Investors are also concerned that potential interest rate hikes by inflationfighting central banks could slow economic growth and dent energy demand in the United States, Britain, and the European Union.
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The U.S.
Federal Reserve, the Bank of England, and the European Central Bank are all expected to raise rates at their coming meetings.
Oil prices have erased all their gains since the Organization of the Petroleum Exporting Countries (OPEC) and producer allies such as Russia, known collectively as OPEC, announced in early April an additional output reduction until the end of the year.
However, Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC remains an efficient tool for coordination on global oil markets.
While a report showing a fall in U.S.
West Texas Intermediate crude fell 99 cents, or 1.3, to 76.08.
The oil market is responding to a series of weak U.S.