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West Texas (WTI) fell below US$80 a barrel for the first time since january and closes a fourth week of losses. This while the Federal Reserve gave its clearest signal yet that it is willing to tolerate a recession in order to crush price increases.
Different central banks globally also raised their rates this week.
Oil is now heading for its first quarterly loss in more than two years. The strong dollar, which rose to a new record high, is also weighing on crude oil as dollar-denominated commodities become more expensive globally.
If crude continues to fall, the Organization of the Petroleum Exporting Countries (OPEC) may be forced to cut production, nigerian Oil minister Timipre Sylva said. The group and its allies agreed earlier this month to the first supply reduction in more than a year.
The impending European Union ban on Russian oil could lead to more turmoil. Meanwhile, member states are also racing to clinch a political deal in the coming weeks that would impose a price cap on Russian oil.
However, some of the world's largest banks forecast a price rebound due to low inventories and sustained demand despite recession concerns. JPMorgan Chase & Co (JPM) forecasts a Brent price of US$101 per barrel by the last quarter of 2022, while Goldman Sachs Group Inc (GS) sees it at US$125.