Recession fears send oil prices down more than 2%

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Oil prices fell more than 2% on Friday, joining a wave of sell-offs in global stock markets on fears of a recession looming after central banks from Europe to North America, all signaled that they would continue to apply strong measures to combat inflation.

Brent crude oil futures contract fell $2.17 a barrel, or 2.7%, to $79.04 a barrel. WTI crude oil futures in the US slid $1.82/barrel (2.4%) to $74.29/barrel.

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