Baghdad /Nina/ Oil prices fell sharply as recession fears gripped global markets and investors pushed US crude below $ 80 a barrel after losing nearly 8% in a week.
West Texas Intermediate crude, the leading benchmark for US oil, closed lower on Friday at $ 78.74 a barrel, down 5.7% on the day, the lowest since January, and down 7.5%. during the week.
Brent crude fell 4.8% to $ 86.15 a barrel, the lowest level since January, posting a 5.7% decline for the week, according to data from Market Watch.
It comes amid investor risk aversion across the board, after central banks from the Federal Reserve to the Bank of England drastically hiked interest rates this week in a desperate attempt to fight inflation, which is believed to cause a widespread economic recession.
The Bloomberg US Dollar Index rose to an all-time high of 1,324.08 points.
In recent days, the dollar has seen a rise since Russian President Vladimir Putin announced the partial mobilization of the army. / End 8
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