Oil prices on track for near 4% weekly decline on demand concerns
Oil prices fell on Friday, heading for a drop of nearly 4% for the week, burdened by the prospect of rate hikes, weaker global growth and COVID-19 lockdowns in China hurting demand, even as the European Union weighed a ban on Russian oil.
China`s central bank governor Yi Gang said on Friday that the world`s second-largest economy was not immune to external shocks, and also faced pressure from COVID outbreaks. Pic: Reuters