Oil drops to its lowest in 9 months as robust dollar, recession worries caused weak request
(MENAFN) Oil prices carried on its declining trend on Monday to hit a nine-month lows as numerous nations chose to raise interest rates to control surging inflation due to recession worries, driving anxiety around weak request.
International main Brent crude exchanged at USD84.07 a barrel at 10.22 AM regional time (0722 GMT) for a 1.12 percent decline from the ending price of USD85.03 per barrel in the prior exchange session.
Brent oil fell to its worst rate since the 14th of January, when it sold at USD83.99 per barrel.
American benchmark West Texas Intermediate (WTI) reached new lows of USD77.85 a barrel at the same time, declining 1.13 percent after the prior session finished at USD78.74 per barrel, while the last record low was made on the 6th of January when WTI sold at USD88.74 per barrel.
Both benchmarks decreased nearly 5 percent on Friday as interest rate rises by main economies outshined the request viewpoint.
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