Oil falls at week ending and posts nearly 5% weekly loss on growth concerns

SINGAPORE, April 23 (Reuters): Oil slipped on Friday evening (April 22), posting a weekly loss of nearly 5%, on the prospect of weaker global growth, higher interest rates and COovid-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would tighten supply.

Brent crude settled down $1.68, or 1.6%, at US$106.65 a barrel. US West Texas Intermediate (WTI) crude declined $1.72, or 1.7%, to US$102.07.