An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Mandatory credit Kyodo/via REUTERS
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- Brent and WTI on track for first weekly decline in over a month
- U.S. dollar rises to highest since Dec 2002 earlier in week
- Central banks raise interest rates this week to tame inflation
- Russian natural gas flows to Europe fall short of demand
NEW YORK, June 17 (Reuters) – Oil prices tumbled about 7% 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.
Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.
Brent futures fell $8.01, or 6.7%, to $111.80 a barrel by 2:04 p.m. EDT…
