Oil prices drop more than 5% to lowest levels since January
Oil prices dropped sharply Friday, with U.S. crude down more than 5% to their lowest since January, as recession fears gripped financial markets, sinking equities and government bonds, while contributing to a further rise by the U.S. dollar.
“ “Geopolitical tensions in monstrous proportions, inflation at a multi-decade high and the dollar surging unabated are all certain to cause demand destruction for oil.” ” “Central banks now appear to accept that a recession is the price to pay for getting a grip on inflation, which could weigh on demand next year,” he said.
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