New York September 23 2022: Oil prices dumped on Friday to trade at levels not seen since January as the dollar index hit its strongest level in two decades and on demand fears as rising interest rates risked tipping major economics into recession.
Brent crude futures fell $3.34, or 3.69%, to $87.12 a barrel by 1340 GMT. U.S. West Texas Intermediate (WTI) crude futures were also down, retreating by $3.60, or 4.31%, to $79.89.
Front-month Brent and WTI contracts were down 3.78% and 5.37% respectively over the past week.
Global equities hit a two-year low on Friday while the dollar index reached its highest level in two decades, putting downward pressure on oil.