Oil heads for weekly decline of around 4%
The Schork Group Principal Stephen Schork argues recession is ‘unavoidable’ as US grapples with rising energy costs.
Oil prices declined Thursday night following a week filled with concerns about interest rate hikes, global growth and COVID-19 lockdowns in China putting a dent in demand.
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US West Texas Intermediate (WTI) crude futures declined 74 cents, or 0.7%, to $ 103.05 a barrel.
Brent futures slid 63 cents, or 0.6%, to $ 1[ads1]07.70 a barrel.
Pumpjacks operate in Bakersfield, Calif. (AP Photo / Jae C. Hong, File) (AP Photo / Jae C. Hong, File / AP Newsroom)
For the week, both benchmarks are heading for declines of around 3.7%.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Global growth concerns dominated the second half of the week, which included the International Monetary Fund slashing its global growth forecast by nearly a full percentage point, according to Reuters.
Federal Reserve Chairman Jerome Powell on Thursday pointed to future rate increases driving up the US dollar.
A higher dollar makes oil more expensive for buyers holding other currencies.
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The European Union may go ahead with a ban on Russian oil and Germany will stop importing oil from Russia by the end of the year.
