Oil falls to its lowest level in four weeks

Oil prices fell about 6% to their lowest level in four weeks, and over the course of the week Brent crude fell for the first time in five weeks and West Texas crude fell for the first time in eight weeks with the US dollar rising to its highest level since December 2002.

US gasoline and diesel futures fell more than 4% on fears that higher pump prices will reduce demand, while Russia's deputy energy minister said Russia expects to increase its oil exports in 2022 despite Western sanctions and a European embargo. Brent crude futures fell $6.69, or 5.6%, to $113.12 a barrel, the lowest close since May 20, and US West Texas Intermediate crude futures fell $8.03, or 6.8%, to $109.56 a barrel, the lowest since May 12.