Oil prices tumble to a four-week low

• Brent futures fell 5.6% while the WTI declined 6.8%

Oil prices fell about 6% to a four-week low on Friday due to worries about demand cut as several central banks hiked interest rates.

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, and US West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.

Brent tumbled to its lowest since May 20 on Friday while the WTI was at its lowest since May 12.

Central banks globally have been raising interest rates to fight the soaring inflation.

The Bank of England on Thursday hiked interest rates for the fifth time in a row while the US Federal Reserve announced largest increase in rates since 1994.

Picture Credits: Reuters

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