• Oil plunges below $80 to eight-month low as recession fears mount

    11 days ago - By Bésame

    By Matt Egan
    Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January.
    The good news is the selloff should drive prices at the gas pump down, easing crushing inflation that has been harming consumers. The bad news is the sharp drop in oil prices is yet more evidence that investors are increasingly worried about the direction of the economy.
    Oil tumbled as much as 5.7% to $78.73 a barrel on Friday - the lowest intraday level since January 11.
    Investors are concerned about the Federal Reserve's campaign to get inflation...
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