Oil prices drop on recession fears amid monetary tightening measures – The National

Oil prices drop on recession fears amid monetary tightening measures – The National

Oil prices fell sharply on Friday as concerns about a potential recession continue to weigh on investors during monetary tightening measures undertaken by central banks globally to rein in inflation.

Brent, the benchmark for two thirds of the world's oil, was trading 3.05 per cent lower at $87.70 a barrel at 4.51pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 3.52 per cent at $80.55 a barrel.

"The threat of a global recession continues to weigh on oil prices, with widespread monetary tightening over the last couple of days fuelling fears of a significant hit to growth," said Craig Erlam, senior market analyst at Oanda.