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Oil plunges to eight-month low on strong dollar, recession fears

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Reuters UK

By Scott DiSavino NEW YORK (Reuters) -Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil. Brent futures fell $4.31, or 4.8%, to settle at $86.15 a barrel, down about 6% for the week. U.S. West Texas Intermediate (WTI) crude fell $4.75, or 5.7%, to settle at $78.74, down about 7% for the week. It was the fourth straight week of declines for both benchmarks, the first time this has happened since December. Both were in tec…

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