Oil prices plunged today, down to 8-month lows as the USD traded to the highest level in more than 20 years. Worries are mounting that rising interest rates will tip major economies into a recession and hurt oil demand. This is the fourth week in a row that both benchmarks have declined and are at their lowest levels since January. The Fed hiked rates this week by 75bps, indicating more rates hike would be coming for longer. “Oil tanks as global growth concerns hit panic mode given a chorus of central bank commitments to fight inflation. It seems central banks are poised to remain aggressive with rate hikes and that will weaken both economic activity and the short-term crude demand outlook,” aid Edward Moya from OANDA. Gas markets were also down today surprisingly despite further escalations by Russia against Ukraine. WTI traded down $4.75 or -5.7% to close at $78.74. Brent traded down $4.31 or -4.8% to close at $86.15.