Crude oil trade headed for its first weekly decline since mid -April following a highly volatile outlook in global growth and fuel demand.
This week, investors saw three interest rate hikes made by the world’s major central banks that have sparked concerns over the risk of a recession.
The International Energy Agency (IEA) also warned that rising oil prices and weak economic forecasts, dimmed the outlook for global fuel demand in the future.
Meanwhile, investors remained wary of supply shortages after the United States announced new sanctions on Iran, thus dimming the chances for the two countries to revive the 2015 nuclear deal.
This adds to concerns about production shortages among OPEC members and disruptions caused by the unrest in Libya as well as the Russian war in Ukraine.
At the opening of the European session, US WTI crude futures traded steady at $ 117 a barrel, while Brent traded slightly higher at $ 119 a barrel.
