WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Friday as fears over falling energy demand amid an extension of the Covid-19 lockdown in Shanghai, and concerns about economic slowdown hurt oil prices.
The dollar's surge amid Fed's aggressive stance on tightening monetary policy weighed as well on oil prices.
West Texas Intermediate Crude oil futures for June ended down by $1.72 or about 1.7% at $102.07 a barrel.
Brent crude futures were down $2.17 or 2% at $106.16 a barrel a little while ago.
Shanghai has extended the Covid-19 lockdown to April 26 as the eastern metropolis of 26 million reported 11 more deaths on Thursday, taking the toll in the current outbreak to 36.
Growth worries also returned to the fore after Fed Chair Jerome Powell hinted at more aggressive rate hikes to cool inflation.
During a seminar sponsored by the International Monetary Fund (IMF) on Thursday, Powell said he saw merit in 'front-end loading' policy moves, including a 50 basis point rate hike at the May FOMC meeting.
The downward revision in global growth forecast by IMF and the ongoing war in Ukraine hurt oil prices.
According to a report from Baker Hughes, the U.S. oil rig count rose one to 549 this week, the highest level since April 2020.
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