The US crude oil benchmark, also known as WTI, drops below $80.00 per barrel on Friday, amid a buoyant US Dollar, with the US Dollar Index rising to levels last seen on May 2002, a headwind for the US dollar-denominated commodity. Therefore, WTI is trading at $78.80, below its opening price by almost 6%, after hitting a daily high of $83.90. During the week, WTI is already down by 8%, extending its decline to the fourth consecutive week. On Wednesday, the US Federal Reserve’s decision to increase rates and emphasize the need to further hikes is weighing on the black gold. That, alongside a frenzy of other central ... (full story)