Crude oil prices fell to their lowest since September on Friday, as tough talk from two of the world's big central banks reinforced fears about the outlook for the global economy and consequently for oil demand.
Hawkish comments from U.S. Federal Reserve officials on Thursday were followed by the first acknowledgment from European Central Bank President Christine Lagarde that the Eurozone's central bank will have to lift interest rates above their neutral level to actively slow the economy in order to tame inflation.
Such talk puts two of the world's three biggest demand centers for oil on course for a deeper recession than priced in by markets.