Oil prices are on course for their largest weekly decline since January after the head of the Federal Reserve reignited recession fears, OilPrice.

The prospect of higher and potentially even faster U.S. interest rate hikes has scared oil markets, triggering concerns that the oil demand impact might be even worse than initially assumed and leading to the most marked weekly loss since January. With no compelling bullish story looming in the next couple of weeks, bearish sentiment looks set to build in oil markets.

US President Joe Biden is expected to propose a budget that would scrap oil and gas subsidies worth tens of billions of dollars, including drilling incentives, but there’s little chance of it going through a divided Congress.

US Senate goes after OPEC+ again.A group of bipartisan US senators has reintroduced the NOPEC bill on the Congress’ Judiciary Committee more than 22 years after its initial introduction, potentially allowing US authorities to file lawsuits against OPEC+ national oil companies for price collusion.