Oil prices fell today in an unprecedented way since last January, under pressure from fears of a global recession.
Reuters reported that Brent crude futures fell to $2.65, or 2.93 percent, to $87.81 a barrel, and US West Texas Intermediate crude futures fell $2.83, or 3.39 percent, to $80.66 a barrel.
The futures contracts for Brent crude and US crude fell 3.78 percent and 5.37 percent, respectively, during the past week.
Global stocks hit a two-year low today, while the dollar index hit a two-decade high, putting pressure on oil.
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