Oil prices end lower to break a string of weekly gains as demand worries linger

Reuters

Oil slumps 6% to four-week low on recession worries, strong dollar

Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy. Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56. For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.