An aerial view of the Phillips 66 oil refinery in the United States.

Tayfun Coskun | Anadolu Agency | Getty Images

Oil prices plunged more than 3% on Friday as global recession fears and weak oil demand, particularly in China, outweighed support from a big OPEC+ supply target cut.

Brent crude futures were down $2.94, or 3.1%, to $91.63 a barrel, while US West Texas Intermediate (WTI) crude futures were down $3.50, or 3.9%, to 85.61 $ fell.

The Brent and WTI contracts both fluctuated between…

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