Oil prices plunge to eight-month low

Oil prices plunged more than five per cent to an eight-month low today as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession.

Brent futures fell $4.75, to $85.71a barrel.

U.S. West Texas Intermediate crude fell $5.9 to $78.30.


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