Oil prices drop by more than 3% due to recessionary concerns

On Friday, oil prices fell more than 3% as concerns about a worldwide recession and weak oil demand, particularly in China, outweighed support from a significant reduction in the OPEC+ supply target.

West Texas Intermediate (WTI) crude futures in the United States fell $3.50, or 3.9%, to $85.61 while Brent crude futures fell $2.94, or 3.1%, to settle at $91.63 per barrel.

Despite fluctuating between positive and negative territory for the majority of Friday, the Brent and WTI contracts both decreased by 6.4% and 7.6%, respectively, for the week.


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