Baghdad Oil prices fell sharply, as fears of recession gripped global markets, and investors pushed US crude to below $80 a barrel, after losing close to 8% within a week.

West Texas Intermediate crude, the main benchmark for US oil, closed lower on Friday at $78.74 a barrel, down 5.7%, its lowest since January, and down 7.5% over the course of the week.

Brent crude fell 4.8% to $86.15 a barrel, its lowest level since January, recording a decline of 5.7% for the week, according to market watch data.

It comes amid investors’ risk aversion across the board, after central banks from the Federal Reserve to the Bank of England raised interest rates sharply this week in a desperate attempt to combat inflation, which is believed to cause a widespread economic recession.

The Bloomberg US Dollar Index rose to an all-time high of 1,324.08 points.

Over the past few days, the dollar has witnessed an increase since Russian President Vladimir Putin announced the partial mobilization of the army.

Source: National Iraqi News Agency