Oil quotations lowest in 2022
14:34
Oil prices fell on Friday, with both indices recording their biggest weekly declines in months, as rising recession fears wiped out any supply concerns following weak economic data from China, Europe, and the US. West Texas Intermediate crude oil prices fell 44 cents to $71.02 per barrel, a new low for 2022. The price of Brent crude oil went down by 5 cents to $76.10 per barrel.
The US producer price index (PPI) rose slightly more than expected in November due to a jump in the cost of services, according to a report from the US Department of Labor.
The growth may increase the likelihood that the Federal Reserve will "accelerate" interest rate hikes, deepening fears of an impending recession, said Mizuho analyst Robert Yawger.
