Oil Prices Plummet Amid Economic Uncertainty and Central Bank Actions

Oil experienced its biggest weekly decline since May due to fears of an economic slowdown in Europe and potential rate hikes by the Federal Reserve. Fed Chair Jerome Powell's comments on further monetary tightening in the second half of the year lifted the US dollar, making commodities priced in the currency less attractive. Technical trading and concerns over demand have also contributed to the slump, despite production cuts from OPEC and its allies.