Manimaran B

Reliance Industries Ltd. has warned that a global recession can hurt oil refining margins, flagging the possibility of more pain ahead after the owner of world’s largest refining complex posted a lower-than-expected profit. Crude oil prices have slipped in the past two weeks and if they fall this week, it will be the third weekly drop -- the longest run of declines this year -- primarily due to fears that a global slowdown may dampen demand for fuels.