Meeting comes as US President Joe Biden began his first visit to Asia in push to show commitment to the region.
West Texas Intermediate futures traded near $113 a barrel.
The probability of a recession within the next year is 30% according to a survey of economists, but that outlook depends a lot on where inflation is headed.
Evidence of red-hot inflation seeping into the American economy is sending a chill through investors after major U.S. retailers reported people are cutting back on buying bigger-ticket items as they just try to get by.
Consumers are grappling with record high gas prices, but the surge is also hurting businesses.
Still, the total number of Americans collecting unemployment benefits is at a 53-year low.
Workers’ power may outlast a slowing economy.
High inflation tends to break out when economic growth is really roaring.
Global leisure and business flights topped pre-pandemic levels for the first time this spring, despite rising costs and geopolitical uncertainty.
“The price of wings last year .. hit $3.22 a pound, and we fast forward to today and it’s $1.63 a pound,” Skipworth said.