An aerial view of the Phillips 66 oil refinery is seen in Linden, New Jersey, USA.
Tayfun Cosku | Anadolu Agency | Getty Images
Brent oil fell below $85 a barrel on Monday, as fears of a recession weighed on and the US dollar rose sharply.
Brent futures for November settlement were trading down more than 1[ads1]% around $84.92 at 08:00 London time. West Texas Intermediate futures also fell to trade around $77.93.
The US dollar rose to a high not seen since 2002 on Monday, while the pound fell to a record low against the currency.
On Friday, both Brent and WTI futures fell around 5% to hit their lowest level since January.
It comes as central banks around the world – including the US and UK – continue to raise interest rates in a bid to tackle inflation.
Meanwhile, fears of an economic downturn continue to rise, with Steve Hanke, a professor of applied economics at Johns Hopkins University, putting the odds of the US falling into recession at 80%.
“If [the Fed] Continue[s] the quantitative tightening and move that growth rate and M2 (money supply) into negative territory, that will be severe,” Hanke told CNBC’s “Street Signs Asia” on Friday.
This is news and will be updated soon.