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The prices of Petroleum fell about 5% on Friday to a three-week low, pressured by a drop in futures contracts for Gasoline From USAas interest rate hikes by major central banks fueled concerns of a sharp economic slowdown.
At around 1:00 pm ET, Brent futures contracted 4.3% to about $114 a barrel, after falling roughly 5% earlier, while U.S. crude lost $6.22, or 5,000 a barrel. 2% to $111.43.
Brent was on track for its first weekly decline in five weeks, while WTI may post its first decline in eight weeks as concerns mount that interest rate hikes fees could cause a recession.
Those fears helped pressure U.S. gasoline futures, which tumbled 7%, with analysts worried that high gasoline prices would begin to affect demand for the fuel.
Auto group AAA said the price of diesel at the pump hit a record $5,798 a gallon on Friday, while the price of gasoline hit a record $5,016 earlier in the week.
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