Oil prices fell 5% during trading on Friday, to the lowest level in 8 months, with the dollar reaching its highest level in 20 years.
According to Arab Net, Brent crude futures fell $4.31, or 4.8 percent, to settle at $86.15 a barrel, down by about 6 percent during the week.
US West Texas Intermediate crude fell $4.75, or 5.7%, to settle at $78.74, down about 7% during the week.
This is the fourth consecutive weekly decline for both benchmarks, and the first time this has occurred since December.
Oil prices fell two days ago in light of the US Federal Reserve's decision to raise interest rates significantly to control inflation.
On Wednesday, the US Federal Reserve's Open Market Committee decided to raise the federal funds rate by 75 basis points to a range between 3% and 3.25%, the highest level since early 2008.
It is worth noting that Bank of America expected that the recovery of Chinese demand and the decline in crude supplies from Russia would lead to an average oil price of $100 per barrel next year.
Bank of America said that oil prices may rise, supported by the reduced supply of Russian crude in the markets, with the entry into force of sanctions.
Bank of America indicated that there is an 86% chance that China will increase its oil consumption by 1.7 million barrels per day next year.
Bank of America stressed that global oil stocks remain limited, and spare capacity remains very weak.
