Oil slumps 6% to four-week low on recession worries, strong dollar

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NEW YORK: Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar .DXY this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.