NEW YORK: Oil prices fell about 6% to a four-week low on Friday, as investors worried that interest rate hikes by major central banks would slow the global economy and reduce demand for energy.
The US dollar rose to its highest level against a basket of currencies this week, making oil more expensive for buyers using other currencies.
Brent futures fell $6.69, or 5.6 percent, to settle at $113.12 per barrel, while WTI crude in the United States fell $8.03, or 6.8 percent, to settle at $109.56.
Brent closed at its lowest level since May 20 and WTI at its lowest level since May 12. It was also the largest daily percentage drop for Brent since early May, and the largest for WTI since late March.
Brent futures fell for the first time in five weeks this week, while WTI fell for the first time in eight weeks.