Global crude oil prices posted a weekly loss of nearly 5%, on the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China may hurt demand even as the European Union considers a ban on Russian oil that would tighten supply.

Brent crude oil future settled at 106.65 dollars a barrel. US crude finished the week at 102.07 dollars. Global benchmark Brent hit 139 dollars a barrel last month, its highest price since 2008, but both oil benchmarks declined nearly 5% this week on demand concerns.
The International Monetary Fund, which this week cut its global economic growth forecast for 2022, could further downgrade it if Western countries expand their sanctions against Russia over its war against Ukraine, and energy prices rise further.