Oil prices fell 6.8% on June 17, a four-week low and amid fears that rate hikes made by the Federal Reserve could touch off a recession. Futures for the international benchmark Brent crude fell $6.69 - settling at $113.68 a barrel. West Texas Intermediate crude dropped to less than $110 a barrel - a 6.8% decline. The Fed implemented its largest interest rate hike since 1994 in an attempt to reduce inflation but raised fears of a recession. In May, inflation climbed to a 40-year high of 8.6%, prompting fears of "stagflation" - a 1970s term referring to a period of high prices coupled with economic contractions. (Source: Washington Examiner 06/17/22) Oil prices tumble on recession fears (msn.com)
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