Oil prices dropped on Friday as recession worries and a stronger currency weighed. Supply worries curbed losses during Moscow’s latest mobilization push in its fight with Ukraine.
Brent crude prices were down 46 cents, or 0.5%, to $90.00 a barrel at 0630 GMT, while WTI crude futures in the United States were down 46 cents, or 0.55%, to $83.03. Front-month Brent and WTI futures have fallen 1.4% and 2.4%, respectively, this week. Crude oil in the United States Strategic Petroleum Reserve (SPR) fell to its lowest level since 1984 last week.
According to OANDA analysts, a worldwide recession would keep prices high. Efforts to resurrect the 2015 Iran nuclear agreement have failed, dampening hopes for a revival of Iranian crude oil.