Oil price falls, posts nearly 5% weekly loss on growth concerns

Brent crude LCOc1 settled down US$1.68, or 1.6%, at $106.65 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 declined $1.72, or 1.7%, to $102.07. Global benchmark Brent hit $139 a barrel last month, its highest price since 2008, but both oil benchmarks declined nearly 5% this week on demand concerns.

HOUSTON: Oil slipped on Friday, posting a weekly loss of nearly 5%, on the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would tighten supply.

Brent crude LCOc1 settled down US$1.68, or 1.6%, at $106.65 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 declined $1.72, or 1.7%, to $102.07.