Following the Russian-Ukrainian war, the International Monetary Fund lowered its forecast for global growth from 6.1% to 3.6%, and that the Russian-Ukrainian war may push inflation rates to rise more than expected, and may lead to a slowdown in the growth of the global economy this year. The MFI also indicated his expectations of a decline in global growth in 2023 to 3.3%.
The expectations of the International Monetary Fund pushed oil prices to decline sharply by more than 5%, after the rise witnessed at the beginning of the week due to the disruption of Libyan oil supplies, as Brent crude fell to 107.3 dollars a barrel, while the light sweet oil Nymex fell to 102.6 dollars a barrel.
Gold prices witnessed a decline of more than 1% due to the strength of the US dollar and the rise in US Treasury bond yields. Gold prices fell below 1950 dollars an ounce, while the US dollar index jumped to its highest level in two years, especially against the Japanese yen, which rose to its highest level in 10 years.