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Brent crude fell $1.68, or 1.6 percent, when it settled to $106.65 a barrel. US West Texas Intermediate crude fell $1.72, or 1.7 percent, to settle at $102.07 a barrel.
The International Monetary Fund this week lowered its forecast for global economic growth, while the head of the Federal Reserve said… "US central bank" Jerome Powell said Thursday that a half-point increase in the interest rate would be an option at the Bank’s next meeting in May.
Jeffrey Haley, an analyst at Oanda, said: "At this point, concerns about growth in China and monetary tightening from the central bank limiting US growth appear to offset fears that Europe will soon expand the scope of sanctions on imports Russian energy".
Expectations continued regarding demand from China, the world’s largest oil importer, is putting pressure on the market. Shanghai announced new anti-Covid-19 measures, including a daily check-up from Friday, to curb the latest outbreak of the disease in the country.
Brent price reached $139 a barrel last month, the highest level since 2008, but the two benchmarks recorded weekly losses of about five percent each.
The number of oil rigs, an early indicator of future production, increased by one to 549 over the week ending April 22, Baker Hughes Energy Services said in a report on Friday, its highest level since April 2020.
The current support for prices comes from a lack of supplies after the disruption of production in Libya and its decline by 550,000 barrels per day, and supplies could decrease further if the European Union imposed a ban on Russian oil.
The Netherlands said on Friday that it intends to stop using Russian fossil fuels by the end of the year.
Morgan Stanley raised its forecast for the price of Brent crude in the third quarter by ten dollars a barrel to 130 dollars. "greater deficit" This year due to lower supply from Russia and Iran, which is likely to outweigh the impact of reduced demand in the short term.
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Brent crude fell $1.68, or 1.6 percent, when it settled to $106.65 a barrel. US West Texas Intermediate crude fell $1.72, or 1.7 percent, to settle at $102.07 a barrel.
The International Monetary Fund this week lowered its forecast for global economic growth, while the head of the Federal Reserve said:US central bankJerome Powell said Thursday that a half-point increase in the interest rate would be an option at the Bank’s next meeting in May.
“At this point, concerns about growth in China and monetary tightening from the central bank limiting US growth seem to offset the impact of concerns that Europe will soon expand the scope of sanctions on imports,” said Jeffrey Haley, an analyst at OANDA. Russian energy“.
Expectations continued regarding demand from China, the world’s largest oil importer, is putting pressure on the market. Shanghai announced new anti-Covid-19 measures, including a daily check-up from Friday, to curb the latest outbreak of the disease in the country.
Brent price reached $139 a barrel last month, the highest level since 2008, but the two benchmarks recorded weekly losses of about five percent each.
The number of oil rigs, an early indicator of future production, increased by one to 549 over the week ending April 22, Baker Hughes Energy Services said in a report on Friday, its highest level since April 2020.
The current support for prices comes from a lack of supplies after the disruption of production in Libya and its decline by 550,000 barrels per day, and supplies could decrease further if the European Union imposed a ban on Russian oil.
The Netherlands said on Friday that it intends to stop using Russian fossil fuels by the end of the year.
Morgan Stanley raised its forecast for the price of Brent crude in the third quarter by ten dollars a barrel to 130 dollars, which it attributed to a “larger deficit” this year due to reduced supply from Russia and Iran, which is likely to outweigh the impact of reduced demand in the short term.