Oil fell on Friday (22), posting a weekly loss of almost 5%, as the prospect of weaker global growth, higher interest rates and Covid-19 lockdowns in China hurt demand, even as the Union European Union (EU) considering a ban on the Russian commodity that would further tighten supply.
Brent crude closed down $1.68, or 1.6%, at $106.65 a barrel. U.S. crude (WTI) was down $1.72, or 1.7%, to $102.07.
Global benchmark Brent hit $139 a barrel last month, the highest since 2008, but both oil benchmarks are down nearly 5% this week on demand concerns.
The International Monetary Fund (IMF), which cut its forecast for global economic growth, could downgrade the outlook further if Western countries extend their sanctions against Russia over the Ukraine war and energy prices rise further, an official said. of the agency.
“At this stage, fears about China’s growth and the Fed’s over-tightening, limiting US growth, appear to be balancing concerns that Europe will soon expand sanctions on Russian energy imports,” said Jeffrey Halley, an analyst. from OANDA brokerage.
Source: CNN Brasil
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