Oil prices plummet amid economic uncertainty and demand concerns.

Oil prices fell for the third consecutive week due to a stronger US dollar and concerns over the US and Chinese economies. Brent crude futures settled down 1.1% to $74.17, while West Texas Intermediate (WTI) U.S. crude futures fell 1.2% to $70.04. The US dollar's strength made dollar-priced oil more expensive for holders of other currencies. Concerns mounted that the US will enter a recession, while China's April consumer price data rose at a slower pace than in March, missing expectations. The market drew some support from the forecast emerging supply deficit for the second half of the year, even as Iraq's oil minister does not expect OPEC+ to decide on further production cuts when it next meets in Vienna on June 4.