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Brent crude slides below $85 a barrel as dollar surges

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An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States.
Tayfun Cosku | Anadolu Agency | Getty Images

Brent crude fell below $85 a barrel Monday, as recession fears weighed and the U.S. dollar surged.

Brent futures for November settlement were trading down over 1% around $84.92 at 8 a.m. London time. West Texas Intermediate futures also fell to trade around $77.93.

On Friday, both Brent and WTI fell around 5% to hit their lowest level since January.

The fall comes as central banks around the world — including the U.S. and the U.K. — continue to hike interest rates in an effort to tackle inflation.

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This is a breaking news story and will be updated shortly.

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