International oil prices plummeted on Friday (23rd).

(File photo, Reuters)

[Financial Channel/Comprehensive Report] The dollar hit its highest level in more than 20 years, and investors were worried that rising interest rates would lead to a recession in major economies, which would weaken demand for oil. International oil prices plummeted on Friday (23rd) to 8 month low.

West Texas Intermediate crude for November delivery in New York fell $4.75, or 5.7%, to settle at $78.74 a barrel, and was down 7.1% for the week.

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Brent crude for November delivery fell $4.31, or 4.8%, to settle at $86.15 a barrel, following a weekly loss of 5.7%.

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