Oil prices set for 4% weekly decline on demand concerns

Oil prices extended losses on Friday, heading for a 4% weekly drop and burdened by the prospect of rate hikes, weaker global growth and COVID-19 lockdowns in China hurting demand, even as the European Union weighed a ban on Russian oil, News.Az reports citing Reuters. 

Brent crude futures were down$1.17, or 1.1%, to $107.16 a barrel at 0420 GMT, while U.S. West Texas Intermediate (WTI) crude futures had declined $1.17 cents, or 1.1%, to $102.62 a barrel.

Both benchmark contracts were headed for weekly declines of around 4.0%.


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