20th October 2022

Oil prices plummeted more than 3% on Friday as global recession fears and weak oil demand,

By Caricom Today

Oil prices plummeted more than 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 dropped $2.94, or 3.1%, to settle at $91.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $3.50, or 3.9%, to $85.61.

The Brent and WTI contracts both oscillated between positive and negative
territory for much of Friday but fell for the week by 6.4% and 7.6%, respectively.

U.S. 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 U.S. interest rate decision is due on November 1-2

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