Oil slides nearly 5% on concerns over weaker global growth and higher interest rates – The National

Oil slides nearly 5% on concerns over weaker global growth and higher interest rates – The National

Oil slipped on Friday, posting a weekly loss of nearly 5 per cent, on the prospect of weaker global growth, higher interest rates and Covid-19 lockdowns in China hurting demand even as the EU considers a ban on Russian oil that would tighten supply.

Brent crude, the global benchmark, settled down $1.68, or 1.6 per cent, at $106.65 a barrel. US West Texas Intermediate, the gauge that tracks US crude, declined $1.72, or 1.7 per cent, to $102.07.

Brent hit $139 a barrel last month, its highest price since 2008, but both oil benchmarks declined nearly 5 per cent this week on demand concerns.