CRUDE OIL : Brent Crude oil Prices tumbled over 4% to around $86 per barrel on Friday, a level not seen since January and recording their fourth straight losing week, as central banks around the world raised interest rates further this week, stoking concerns about a global economic and commodity slowdown and weighing on the outlook for energy demand.
While WTI Crude Oil Prices plunged over 5% to around $79 per barrel, a level not seen since January, pressured by a worsening global economic outlook and a stronger dollar. Fears mount that an aggressive tightening from major central banks worldwide, with the Federal Reserve leading the charge with a third straight 75 basis point rate hike earlier this week,
A strong dollar rally driven by the Fed’s aggressive stance against inflation and safe-haven demand also dented sentiment, making greenback-priced oil more expensive for buyers holding other currencies.
Meanwhile, reports indicated that efforts to revive the 2015 Iran nuclear deal have stalled. Investors also monitored Russia’s partial military mobilization that could disrupt supply further, rebounding Chinese demand and the possibility of more output cuts from OPEC.
