Oil Range-Bound Following IMF Prediction of Lower Global Growth

FILE - The logo of the International Monetary Fund is visible on their building, April 5, 2021, in Washington. The International Monetary Fund downgraded the outlook for the world economy this year and next, blaming the Ukraine war for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by COVID-19 and its variants.AP Photo/Andrew Harnik

Oil prices were trading range-bound on Wednesday after the International Monetary Fund (IMF) scaled down its global growth projections for 2022. Prices fluctuated as it received support from concerns about tighter supplies.

Brent oil futures were trading at around $108.20 per barrel as of 13:42 UTC on April 20, very near to its opening price. Prices fell close to the $107 level and bounced higher to around $108.90 before declining once more.