Oil falls below $80 en-route to biggest run of weekly losses this year

Oil falls below $80 en-route to biggest run of weekly losses this year

Synopsis

Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up their fight against inflation at the cost of growth.

West Texas Intermediate dropped below $80 a barrel on Friday for the first time since January and was set for a fourth week of declines. The Federal Reserve this week gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa ..

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https://economictimes.indiatimes.com/markets/commodities/oil-falls-below-80-en-route-to-biggest-run-of-weekly-losses-this-year/articleshow/94402143.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst