An aerial view of the Phillips 66 Oil Refinery is seen in Linden, New Jersey, USA.
Tayfun Cosku | Anadolu Agency | Getty Images
Brent crude fell below $85 a barrel on Monday as recession fears weighed and the U.S. dollar rose.
Brent futures for November settlement were trading down more than 1% around $84.92 at 8 a.m. London time. West Texas Intermediate futures also fell to trade around $77.93.
The U.S. dollar hit an all-time high since 2002 on Monday, while the pound fell to a record low against the currency.
On Friday, Brent and WTI futures fell about 5% to their lowest level since January.
It comes as central banks around the world – including the US and UK – continue to raise interest rates in a bid to fight inflation.
Meanwhile, fears around an economic slowdown continue to mount, with Steve Hanke, professor of applied economics at Johns Hopkins University, putting the odds of the US falling into recession at 80%.
“Whether [the Fed] Continue[s] quantitative tightening and move that growth rate and M2 (money supply) into negative territory, that will be serious,” Hanke told CNBC’s “Street Signs Asia” on Friday.
This is breaking news and will be updated shortly.