Oil tumbled on stronger dollar, fear of cloudy global economic outlook

International benchmarks for crude oil tumbled on Friday, 17 June 2022 as the US dollar hit the highest levels since December 2002, making the commodity less appealing for overseas investors. Meanwhile, the market is wary over the economic outlook as central banks lift interest rates to stem inflation and might slow growth.

Brent plunged $6.69 or 5.6% to settle at $113.12/barrel.

WTI fell $8.03 or 6.8% to close at $109.56/barrel.