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.
