Oil posted its longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.
West Texas Intermediate settled below $79 a barrel on Friday for the first time since January and declined for a fourth straight week. The Federal Reserve this week gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa also raised rates.
