Oil Falls Below $80 As Powell Warns A Recession May Be Looming

Oil prices dipped by 5% early on Friday, with the U.S. benchmark slumping to the lowest level since January, on the back of heightened concerns about slowing economic growth and recessions looming. As of 10:06 a.m. ET on Friday, WTI Crude had dipped below the $80 a barrel mark, and was trading down by 5.

58% at $78.83 per barrel. Brent Crude, the international benchmark, was at $86.11, down by 4.81% on the day. The front-month WTI contract was headed to a drop of more than 5% this week, in which fears of slowing oil demand amid possible recessions…