Cosmo sees oil prices under pressure if global economy slides into recession

TOKYO : Japanese oil refiner Cosmo Energy Holdings sees that oil prices could come under pressure if a global recession emerges, though the market is expected to remain tight amid the prolonged Russia-Ukraine conflict, its executive said on Wednesday.

"It is difficult to predict oil prices ...but my gut feeling is that oil prices will come under stress if an unexpected global recession emerges, at which point the yen will likely move higher (against the U.S. dollar)," Senior Managing Executive Officer Takayuki Uematsu told a news conference.