Oil drops on recession concerns, heading for weekly fall | Reuters
Oil prices fell almost 2% on Friday and were on track for a weekly decline as interest rate hikes from major central banks fuelled worries about a sharp economic slowdown.
Brent crude was down $2.19, or 1.8%, at $117.62 a barrel at 1334 GMT, and U.S. West Texas Intermediate (WTI) crude fell $2.56, or 2.2%, to $115.03.
Brent was on track for its first weekly dip in five weeks, and U.S. crude for its first decline in eight weeks, in line with a fall in equity markets amid fears of a possible recession as several central banks delivered big rate hikes. read more
No comments:
Post a Comment