The prices of oil futures slumped on Friday as central banks across the world increased their key interest rates, reaffirming they would stand their ground and continue their fight to rein in inflation.
The moves seemingly provoked another wave of concerns among traders with regard to future economic growth, possibly dampening the prospects of oil demand.
West Texas Intermediate (WTI) for deliveries in January dropped 2.02% to go for $74.53 per barrel at 4:25 am ET. Brent for settlements in February plunged 1.82% to sell for $79.75 per barrel, a minute later.
