Due to concerns that higher interest rates could slow global economic growth and hurt demand for energy
Earnings beyond Crude oil was up 1% on Friday, but faces a decline of around 9% this week on concerns that higher interest rates could slow global economic growth and hurt energy demand.
The price of Brent crude oil rose 1.23% to $73.39 a barrel on Friday, while US WTI crude rose 1.07% , to $69.30 a barrel.
Both the US Federal Reserve and the European Central Bank raised their key interest rates by 25 basis points during the week, intensifying concerns that major economies around the world will be driven into recession.
source: KYPE
Source: 24h.com.cy
