WTI crude plunges 5% on recession fears

Oil prices plunged more than 5 percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation.

West Texas Intermediate lost 5.09 percent to $103.92 a barrel, while Brent was off 4.70 percent at $109.26.

Source(s): AFP

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