Weekly gains for oil prices.. Brent records the largest increase since the beginning of October

Oil prices fell more than $2 a barrel in Friday’s session amid general turmoil in global markets due to fears of an imminent recession, following central banks across Europe and North America indicated that they would continue to vigorously fight inflation.

Brent crude futures fell $2.17, or 2.4%, to $79.04. per barrel at the settlement, while the weekly gains approached 4%.

US West Texas Intermediate crude futures fell by $1.82, or 2.4%, to $74.29 a barrel, and recorded a weekly increase of regarding 4.6%.

The US Federal Reserve has indicated that it will continue to raise interest rates next year, even as the economy slides into a possible recession. The Bank of England and the European Central Bank raised interest rates on Thursday to combat inflation.

The two benchmarks ended the week’s trading on the rise, supported by their rise in the first three days of it. Brent crude futures posted their biggest weekly gain since early October, but those gains came following posting their biggest weekly loss since August.