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International benchmarks for crude oil settled lower on Friday, 16 December 2022 after central banks across Europe and North America signalled that they would continue to actively tackle inflation. Investors fear that further interest hikes would only fuel the potential economic recession in the coming months.

Brent dropped $2.17 or 2.4% to settle at $79.04/barrel.

WTI lost $1.82 or 2.4% to close at $74.29/barrel.