Oil prices set to end week at multi-month lows on recession fears
LONDON (Reuters) -Oil prices slipped on Friday and were near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.
Brent crude fell 50 cents, or 0.5%, to $93.62 a barrel by 1120 GMT. U.S. West Texas Intermediate crude was down 66 cents, or 0.8%, at $87.88.
Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.
Recession worries have intensified since the Bank of England’s warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995.
