Oil heads for weekly decline of around 4%
Concerns about the Ukraine conflict stoking inflation and denting economic growth dominated trading
The Schork Group Principal Stephen Schork argues recession is 'unavoidable' as U.S. grapples with rising energy costs.
Oil prices declined Friday morning 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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U.S. West Texas Intermediate (WTI) crude futures declined $1.80, or 1.7%, to $101.98 a barrel.
Brent futures slid $1.77, or 1.6%, to $106.56 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 U.S. 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.