Oil Prices Declined amid Volatility in Global Financial Market

Oil prices hit the skid over the last few sessions, dragged down by some forces beyond the oil market. Increase in the prices of crude came to a halt after a rebound for the greenback led to a steep decline in the oil prices on Friday.

In the meantime, a sudden turmoil in the broader financial market also affected oil market. On Friday, the volatility was on the rise in the stock market that sparked the sharpest single-day upheaval in years.