Oil prices fell again on Friday, hitting their lowest level since December 2021. It is becoming increasingly clear to analysts that bearish economic forces are outweighing the rapid impact of China's rebound and sanctions against Russia.
West Texas Intermediate crude futures, the US benchmark, fell as low as $65.17 a barrel on Friday, down 4.7% from Thursday's settlement level. International benchmark Brent crude fell 4.4% to $71.40 a barrel. Both products recovered somewhat around midday, but were still trading down on the day. Brent has lost about 15 per cent in the last 10 days.
Energy Select Sector SPDR ETF
(ticker: XLE) was down 1.5%