Oil flounders in late eighth, WTI down 5.7% below $ 111 with recession fears

Decided to turn around the price of oil with the increases in interest rates of the main central banks that are starting to be reflected also in energy commodities with growing fears of a strong economic slowdown.

US West Texas Intermediate (WTI) crude is down by more than 5.7% in the $ 110.8 area, while Brent is down -5% at $ 113.8.

WTI marks its first weekly decline in eight weeks.