Brent crude fell over 4% in a week amid economic worries; could trade in $98 and $112 range

Central banks around the world are raising interest rates to tame inflation, spurring fears that rising borrowing costs could stifle growth, while mass Covid-19 testing in Shanghai this week caused worries about potential lockdowns that could also hit oil demand.

Brent posted a weekly decline of about 4.1 per cent and WTI a loss of 3.4 per cent, following the first monthly decline since November. Prices tumbled on Tuesday when Brent’s $10.73 drop was the contract’s third-biggest daily fall since 1988 when it started trading.