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.

Brent crude futures slid 81 cents, or 0.8%, to $107.52 a barrel at 0130 GMT, while U.S. West Texas Intermediate (WTI) crude futures declined 72 cents, or 0.7%, to $103.07 a barrel.