Oil prices fall over 3%
The EU imported more than a quarter of its oil from Russia before the war and has been accused of not moving fast enough to stop funds flowing to Moscow's war machine. PHOTO: AFP
Oil prices plummeted over 3% on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Brent crude futures were down $3.03, or 3.2%, at $91.54 a barrel by 1714 GMT, while US West Texas Intermediate (WTI) crude futures fell $3.6, or 4%, to $85.51.
The Brent and WTI contracts both oscillated between positive and negative territory for much of Friday but were down for the week by 6.4% and 7.5%, respectively.
US core inflation recorded its biggest annual increase in 40 years, reinforcing views that interest rates would stay higher for longer with the risk of a global recession. The next US interest rate decision is due on November 1-2.
Published in The Express Tribune, October 15th, 2022.
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