Brent crude oil slides below $85/barrel as dollar strengthens
Aerial view of the Phillips 66 refinery in Linden, New Jersey, USA.
Tayfun Cosku | Anadolu Agency | beautiful pictures
Brent crude fell below $85 per barrel on Monday, on fears of a looming recession and U.S. dollar skyrocketed.
Brent futures contract for the November payout was trading down more than 1% around $84.92 as of 8am London time. West Texas Intermediate futures also fell to $77.93.
On Friday, both Brent and WTI fell about 5% to their lowest levels since January.
The fall comes as central banks around the world – including the US and England. – continue to raise interest rates in an attempt to tackle inflation.
This is a breaking news story and will be updated shortly.