Oil extends slide on Shanghai lockdown fears

Oil slid on Friday and headed for a weekly decline, due to weaker global growth outlook, higher interest rates and COVID lockdowns in China’s Shanghai hurting demand.

Meanwhile, the European Union countries still consider a possible ban on Russian oil imports.

Brent crude was down $2, or 1.85%, to trade at $106.32 a barrel by (1740 GMT).

U.S. West Texas Intermediate (WTI) crude declined $2.01, or 1.94%, to $101.80 a barrel.

On the other hand, the Federal Reserve Chair, Jerome Powell, said that hiking interest rate by 50pbs would be discussed during the May meeting estimating more hikes this year.