Oil takes 4% weekly loss as growth concerns outweigh Russian supply, for now

Crude oil futures fell for the third week out of the last four, as investors worried that weaker global growth, higher interest rates and COVID-19 lockdowns in China will hurt demand. WTI crude for June delivery (CL1:COM) closed -4.1% for the week to settle at $102.07/bbl, while June Brent (CO1:COM) ended the week -4.5% at $106.65/bbl, and U.S. natural gas (NG1:COM) finished the week with a 10.5% drubbing at $6.534/MMBtu, pulling back after hitting 14-year highs on Monday. "Fears over China's growth and overtightening by the Fed, capping U.S. growth, seem to be balancing out concerns that Europe will soon widen sanctions on Russian energy imports," Oanda's Jeffrey Halley said. Federal Reserve Chair Jerome Powell on Thursday said a 50-basis point rise in U.S. interest rates will be on the table at next month's policy meeting, which pushed the dollar to its highest levels in more than a two years.

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Oil takes 4% weekly loss as growth concerns outweigh Russian supply, for now