Collapse in oil prices is accelerating

2022.12.06 12:04

Collapse in oil prices is accelerating

Budrigannews.com – Oil prices fell another 6% on the week on Tuesday as concerns grew about the possibility of the Federal Reserve raising interest rates aggressively once more in the coming year in light of U.S. economic data indicating unrelenting pressure on inflation.

By 11:30 ET (16:30 GMT), WTI crude for January delivery was down $2, or 2.6%, to $74.93 per barrel. It had previously fallen to an intraday low of $74.69. WTI was down 6.4% week-to-date.

For February, London-traded crude was down $2.29, or 2.8%, to $80.39. It earlier reached a session low of $80.19. The week’s Brent was down 5.8 percent.

Collapse in oil prices is accelerating