US consumer confidence fell to a nine-month low in April led by a darkening outlook that augers a recession beginning in the near future, a survey showed on Tuesday.
Consumer confidence in the U.S. has deteriorated by much more than anticipated in the month of April, according to a report released by the Conference Board on Tuesday.
Oil prices dropped on concerns of an economic slowdown and a stronger dollar, outweighing hopes of higher Chinese demand and lower US crude stocks. US consumer confidence also fell to a nine-month low, stoking fears of a potential banking crisis. Investors remain wary of possible interest rate hikes and weak refining margins globally, which could dent energy demand.
US consumer confidence dropped this month to the lowest since July on more pessimistic views about the economic outlook, even as current conditions improved