⚠️BREAKING: *OIL PRICES PLUNGE 5%, ON TRACK FOR BIGGEST WEEKLY LOSS OF THE YEAR - $CL_F OOTT
NEW YORK -Oil prices plunged over 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.futures fell $4.75, or 5.3%, to $85.71 a barrel by 12:06 p.m. EDT , down about 6% for the week. U.S. West Texas Intermediate crude fell $5.19, or 6.2%, to $78.30, down 8% for the week.
"The threat of a global recession continues to weigh on oil prices, with widespread monetary tightening over the last couple of days fueling fears of a significant hit to growth," said Craig Erlam, a senior market analyst at data and analytics firm OANDA. "The crude market is under heavy selling pressure as U.S. dollar maintains strong upward trajectory amidst more reduction in risk appetite," analysts at energy consulting firm Ritterbusch and Associates said.
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