HOUSTON: Oil prices slid on Friday but were on course to gain more than 6 percent for the week after the United States and Iran resumed military exchanges in the seventh month of their conflict, while US diesel prices hit a record high. Brent crude futures were down 23 cents or 0.24 percent at USD 95.29 a barrel by 10:38 a.m. CDT (1538 GMT) and West Texas Intermediate crude futures down 54 cents, or 0.59 percent, at USD 90.76. Brent crude futures were up 6.1 percent for the week and US West Texas Intermediate crude futures had gained 8.3 percent. The rally in oil prices combined with a much steeper increase in fuel prices has pushed inflation and government borrowing costs higher around the world and intensified warnings that the global economy might be heading for a hard landing. READ MORE: Oil prices mixed as investors weigh ME escalation “All sectors of the economy are affected by diesel. This is one of the reasons why the government bond yields in the United States are so high, it’s the expectation that inflation will continue to go up,” said Claudio Galimberti, chief economist at Rystad Energy. Average US diesel prices hit record highs as renewed US-Iran hostilities and Ukrain
HOUSTON: Oil prices slid on Friday but were on course to gain more than 6 percent for the week after the United States and Iran resumed military exchanges in the seventh month of their conflict, while US diesel prices hit a record high. Brent crude futures were down 23 cents or 0.24 percent at USD 95.29 a barrel by 10:38 a.m. CDT (1538 GMT) and West Texas Intermediate crude futures down 54 cents, or 0.59 percent, at USD 90.76. Brent crude futures were up 6.1 percent for the week and US West Texas Intermediate crude futures had gained 8.3 percent. The rally in oil prices combined with a much steeper increase in fuel prices has pushed inflation and government borrowing costs higher around the world and intensified warnings that the global economy might be heading for a hard landing. READ MORE: Oil prices mixed as investors weigh ME escalation “All sectors of the economy are affected by diesel. This is one of the reasons why the government bond yields in the United States are so high, it’s the expectation that inflation will continue to go up,” said Claudio Galimberti, chief economist at Rystad Energy. Average US diesel prices hit record highs as renewed US-Iran hostilities and Ukrain
