Oil plunged more than 3% on interest rates worries, weak China demand

International benchmarks for crude oil fell more than 3% on Friday, 14 October 2022 as industry experts expect the Federal Reserve to lift interest rates further to tame inflation, which would boost the dollar’s strength and weigh on oil prices. Meanwhile, China adheres to the Zero-Covid policies in a battle to control the flare-up of infection cases after the weeklong holiday.

Brent dropped $2.94 or 3.1% to close at $91.63/barrel. 

WTI nosedived $3.50 or 3.9% to close at $85.61/barrel.