- India and Canada expel top envoys in Sikh separatist killing row
- Mbappe says victim of 'fake news' after 'rape' report in Sweden
- Lebanon says 21 killed in strike on northern village
- Netanyahu vows no mercy after deadly Hezbollah drone strike
- Russia could be able to attack NATO by 2030: German intelligence
- EVs seek to regain sales momentum at Paris Motor Show
- Clarke backs Scotland to bounce back from 'tough' run
- Harris, Trump target crucial Pennsylvania as US vote looms
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- Lebanese Red Cross says 18 killed in strike in north
- Mendy borrowed money from Man City team-mates for legal fees
- Palestinian officials say Israeli forces kill two in West Bank
- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
- Russian prosecutor demands 3 years prison for French researcher
- 'Innocent' British nerve agent victim caught in global murder plot: inquiry
- Afghan Taliban vow to implement media ban on images of living things
- Russian prosecutor demands 3 years, 3 months jail for French researcher
- England ready for Pakistan's spin assault in second Test
- New Zealand's Ravindra excited for India Tests with father in crowd
- India's capital bans fireworks to curb air pollution
- Stocks diverge, oil retreats as China disappoints markets
- FIFA to open 'global dialogue' on transfer system after Diarra ruling
- Trio wins economics Nobel for work on wealth inequality
- Starmer vows to cut red tape as he urges foreign investors to 'back' UK
- Ex-Stasi officer jailed over 1974 Berlin border killing
- 'Not viable': Barcelona turns against surging tourism
- Hezbollah says targeted Israeli naval base after deadly drone strike
- Rice praises 'unbelievable' England interim boss Carsley despite uncertainty
- Nepali teenager hailed as hero after climbing world's 8,000m peaks
- England captain Stokes back from injury for second Pakistan Test
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- South Korea military says 'fully ready' as drone flights anger North
- Pakistan 'vigilantes' behind rise in online blasphemy cases
- Nearly 90, but opera legend Kabaivanska is still calling tune
- Smith experiment as Test opener over, Green out of India series
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
Oil prices tumble on recession fears as equities decline
Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell acknowledged interest rate hikes could lead to a recession.
US stocks had a choppy session, pushing into positive territory for a time after Powell reiterated the need to counter soaring inflation, but cautioned that a recession was "certainly a possibility" amid the ongoing interest rate hikes.
But New York shares retreated again at the end of the day, though they ended with smaller losses than major European and Asian bourses.
The S&P 500 finished just 0.1 percent lower, meaning it maintained most of the gains from Tuesday's heady session.
"The stock market had ample reasons to sell aggressively into yesterday's strength, but it didn't," Briefing.com said. "That resilience fostered a sense that the existing growth concerns have been adequately prices into the market for now."
In his opening remarks, Powell insisted the US economy "is very strong and well positioned to handle tighter monetary policy."
"Inflation has obviously surprised to the upside over the past year, and further surprises could be in store," the Fed chief said in his semi-annual appearance before Congress.
Policymakers "will need to be nimble" given that the economy "often evolves in unexpected ways," he said.
Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than six percent at one point.
"Concerns about a global slowdown appear to be outweighing any concern over supply issues derived from Russia's invasion of Ukraine, and the prospect that Chinese demand could return," said market analyst Michael Hewson at CMC Markets.
US President Biden asked Congress to suspend the federal gas tax for three months as price increases at the pump -- in large part spurred by fallout from President Vladimir Putin's invasion of Ukraine and subsequent Western sanctions on Russia -- have fueled rising inflation.
In a televised address, Biden called for a pause in the federal tax on gasoline of 18 cents a gallon until September. He also asked state governments to suspend their own taxes for the same period.
But the proposal got a lukewarm reception on Capitol Hill, where critics said the measure would hit key highway trust funds and said that it might not lead to much relief at the pump.
US gasoline prices are still very high, but a bit off their record, with the national average easing to $4.955 a gallon, according to the American Automobile Association, about six cents below the level a week ago and below the record of $5.016 hit June 14.
- Key figures at around 2050 GMT -
Brent North Sea crude: DOWN 2.5 percent at $111.74 per barrel
West Texas Intermediate: DOWN 3.0 percent at $106.19 per barrel
New York - Dow: DOWN 0.2 percent at 30,483.13 (close)
New York - S&P 500: DOWN 0.1 percent at 3,759.89 (close)
New York - Nasdaq: DOWN 0.2 percent at 11,053.08 (close)
London - FTSE 100: DOWN 0.9 percent at 7,089.22 (close)
Frankfurt - DAX: DOWN 1.1 percent at 13,144.28 (close)
Paris - CAC 40: DOWN 0.8 percent at 5,916.63 (close)
EURO STOXX 50: DOWN 0.8 percent at 3,464.64 (close)
Tokyo - Nikkei 225: DOWN 0.4 at 26,149.55 (close)
Hong Kong - Hang Seng Index: DOWN 2.6 percent at 21,008.34 (close)
Shanghai - Composite: DOWN 1.2 percent at 3,267.20 (close)
Euro/dollar: UP at $1.0570 from $1.0533 late Tuesday
Pound/dollar: DOWN at $1.2263 from $1.2277
Euro/pound: UP at 86.17 pence from 85.79 pence
Dollar/yen: DOWN at 136.22 yen from 136.57 yen
burs-jmb/hs
O.Karlsson--AMWN