Oil prices drop as central banks spark recession fears

NEW YORK, Dec. 16 (Xinhua) -- Oil prices fell on Friday as hawkish talk from major central banks stoked recession fears.

The West Texas Intermediate (WTI) for January delivery lost 1.82 U.S. dollars, or 2.4 percent, to settle at 74.29 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped 2.17 dollars, or nearly 2.7 percent, to settle at 79.04 dollars a barrel on the Lond