Oil heads for weekly decline of around 4%

Concerns about the Ukraine conflict stoking inflation and denting economic growth dominated trading

Oil prices declined Friday morning following a week filled with concerns about interest rate hikes, global growth and COVID-19 lockdowns in China putting a dent in demand.

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U.S. West Texas Intermediate (WTI) crude futures declined $1.80, or 1.7%, to $101.98 a barrel.

Brent futures slid $1.77, or 1.6%, to $106.56 a barrel. 

For the week, both benchmarks are heading for declines of around 3.7%.

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Global growth concerns dominated the second half of the week, which included the International Monetary Fund slashing its global growth forecast by nearly a full percentage point, according to Reuters.

Federal Reserve Chairman Jerome Powell on Thursday pointed to future rate increases driving up the U.S. dollar. 

A higher dollar makes oil more expensive for buyers holding other currencies.

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The European Union may go ahead with a ban on Russian oil and Germany will stop importing oil from Russia by the end of the year.

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