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First in 9 months: oil prices crash to $87 per barrel

Oil prices recorded a fall on Friday amid fears of rising interest rates and a stronger dollar.

Brent crude, global oil benchmark, fell 3.10% to $87.81 a barrel — first time since January 2022, the Cable reports.

US West Texas Intermediate also fell by over 3% to $80.64 a barrel. 

The development comes as theMorgan Stanley Capital International, MSCI’s all country world index (ACWI), the global equity index, hit a two-year low on Friday while the dollar index reached its highest level in two decades, putting downward pressure on oil.

Writing by Muzha Kucha; Editing by Annabel Nwachukwu