Oil extended a retreat on concern that a slowdown will hurt energy consumption, with Federal Reserve Chair Jerome Powell saying that a US recession is possible as the bank raises rates to tackle inflation. West Texas Intermediate fell toward $103 a barrel in early Asian trading after closing on Wednesday at the lowest since since May 12. At present, the US benchmark is on course for its first back-to-back weekly loss since early April and has lost around 15% since the close on June 8. In testimony to US lawmakers, Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a ... (full story)