- September 24, 2022
- Posted by: Stratford Team
- Category: Economy
A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. REUTERS/REUTERS PHOTOGRAPHER
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- Brent and WTI fall for fourth week in a row
- Recession fears weigh as major central banks hike rates
- U.S. dollar at over 20-year high against basket of currencies
NEW YORK, Sept 23 (Reuters) – Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil.
Brent futures fell $4.31, or 4.8%, to settle at $86.15 a barrel, down about 6% for the week. U.S. West Texas Intermediate (WTI) crude fell $4.75, or 5.7%, to settle at $78.74, down about 7% for the week.
It was the fourth straight week of declines for both benchmarks, the first time this has happened since December. Both were in technically oversold territory,…
