Reuters
Oil prices extend losses on growth concerns, Shanghai lockdown
(Reuters) -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. This has been the least volatile week of trade since Russia launched its invasion of Ukraine on Feb. 24, sparking sanctions that cut Russian oil supply and led consuming nations to release a record volume of oil from emergency stocks.
