Oil prices tumble as recession fears rise

Another tumultuous week in the oil market has brought crude prices to their lowest levels since January, with sparse trading and a dim prospect as supply and demand resulted in a moderate 30% drop from this year’s high.

Despite a 5.9% gain since Wednesday, the main US oil price has fallen about $35 a barrel since peaking above $122 three months ago. West Texas Intermediate closed Friday at $86.79. Brent crude oil futures, the main international price gauge, ended at $92.84.

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