Oil prices plunge amid global recession fears

Oil prices surge on supply fears as EU mulls embargo on Russian oil

The international oil prices saw a nosedive on Friday amid aggressive interest rate hikes by global central banks, triggering mounting recession fears and further downplaying investors’ outlook for oil demand.

The West Texas Intermediate (WTI) for November delivery decreased 4.75 U.S. dollars, or 5.69 percent, to settle at 78.74 dollars a barrel on the New York Mercantile Exchange.

Brent crude for November delivery lost 4.31 dollars, or 4.76 percent, to settle at 86.15 dollars a barrel on the London ICE Futures Exchange.

Both the WTI and Brent finished at their lowest levels since January, according to Dow Jones Market Data.

At the same time, analysts pointed out that the U.S. dollar index, which has been continuously refreshing its peak over the past two decades, also dragged down the oil prices.

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