Oil prices fell more than $2 a barrel in Friday’s session amid general turmoil in global markets on fears of an impending recession, after central banks in Europe and North America indicated they would continue to fight vigorously inflation.
Brent crude futures fell $2.17, or 2.4%, to $79.04. per barrel at settlement, while weekly gains approached 4%.
US West Texas Intermediate crude futures fell $1.82, or 2.4%, to $74.29 a barrel, and were up about 4.6% for the week.
The US Federal Reserve has indicated that it will continue to raise interest rates next year, even as the economy slides into a possible recession. The Bank of England and the European Central Bank raised interest rates on Thursday to fight inflation.
The two benchmarks ended the week trading higher, supported by their rally over the first three days. Brent crude futures posted their biggest weekly gain since early October, but those gains came after posting their biggest weekly loss since August.
