Oil headed for the 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 dropped below $80 a barrel on Sept. 23 for the first time since January and was on course for a fourth straight weekly decline. The Federal Reserve this week gave its clearest signal yet that it’s willing to tolerate a U.S. recession as the trade-off for regaining control of inflation, while the U.K., Norway and South Africa also raised rates.
