"Oil slumps 5% on recession concerns, U.S. gasoline price drop"

Mark that 9% for WTI,  $107.29 last down $10.30 (8.76%).

From Reuters, June 17:

• Brent and WTI on track for first decline in weeks
• U.S. dollar rises to highest since Dec 2002 earlier in week
• Central banks raise interest rates this week to tame inflation
• Russian natural gas flows to Europe fall short of demand
• Upcoming - Baker Hughes North American rig count

NEW YORK, June 17 (Reuters) - Oil prices tumbled about 5% to a three-week low on Friday, led by a slump in U.S. gasoline futures, as investors worried interest rate hikes from major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest since December 2002 against a basket of currencies. A stronger dollar makes oil more expensive for buyers using other currencies.

Brent futures fell $5.85, or 4.9%, to $113.96 a barrel by 11:02 a.m. EDT (1502 GMT). U.S. West Texas Intermediate (WTI) crude fell $6.66, or 5.7%, to $110.93. Both were on track for their lowest closes since May 25.

There will be no U.S. trading on Monday, June 20, for the Juneteenth holiday....

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