Oil prices fell by more than 3% in Friday’s trading, as fears of a global recession and weak demand for oil, especially in China, outweighed the support it received from the OPEC + production target cut significantly.
Brent crude futures fell $2.94, or 3.1%, to settle at $91.63 a barrel, while US West Texas Intermediate crude futures fell $3.50, or 3.9%, to $85.61.
Both Brent and West Texas Intermediate contracts fluctuated between high and low for most of the Friday session, But the first fell last week by 6.4% and the second by 7.6%..
Core inflation in the US posted its biggest annual increase in 40 years, reinforcing views that interest rates will remain higher for longer with the risk of a global recession. The next US interest rate decision is due in early November.
A survey showed that consumer sentiment in the United States continued to improve steadily in October, but inflation expectations for households eased slightly.
