Oil prices extend losses on growth concerns, Shanghai lockdown

SINGAPORE: Oil prices extended losses on Friday, burdened by the prospect of interest rate hikes, weaker global growth and Covid-19 lockdowns in China hurting demand, even as the European Union weighed a ban on Russian oil.

Brent crude futures were down $1.30, or 1.2%, at $107.03 a barrel at 0603 GMT, while U.S. West Texas Intermediate (WTI) crude futures had declined $1.27, or 1.2%, to $102.52 a barrel.