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.

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