Oil prices dipped on Friday, aiming for a weekly fall of about 4%, as the possibility of rate hikes, slower global growth, and COVID-19 lockdowns in China hampered demand, even as the European Union considered a ban on Russian oil.

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Brent crude futures were down 81 cents, or 0.8%, to $107.52 a barrel, while WTI crude futures were down 72 cents, or 0.7%, to $103.07 a barrel. Both benchmark futures were on track for weekly losses of roughly 3.7%.

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This has been the least turbulent week of trading since Russia invaded Ukraine on February 24, prompting sanctions that reduced Russia’s oil supply and forced consuming countries to release a record amount of oil from emergency reserves. Russia’s actions in Ukraine are referred to as a “special operation” by Moscow.

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Concerns about inflation and economic growth being harmed by the Ukraine crisis dominated trade in the second part of the week, with the International Monetary Fund reducing its global growth prediction by nearly a percentage point.

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Yi Gang, the governor of China’s central bank, said on Friday that the world’s second-largest economy was not immune to external shocks and was also under pressure from COVID outbreaks.

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Adding to the bearish sentiment for oil, statements from US Federal Reserve Chairman Jerome Powell on Thursday implying aggressive rate hikes pushed the dollar higher, making oil more costly for purchasers holding other currencies.

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Meanwhile, rising US yields lifted the dollar to its seventh straight weekly gain against the yen on Friday and its greatest one-week climb against China’s yuan in more than two years.