Oil Falls Over Uncertainty

Oil prices fell on Friday, as investors worried that weakening global economic growth and tighter central bank monetary policy could curb a recovery in fuel demand.
Brent futures for July fell 63 cents, or 0.56%, to $111.41 a barrel, while US West Texas Intermediate crude for June fell $1.36, or 1.21%, to $110.85 on its last day as the front-month.
The more actively traded WTI contract for July was down 0.82% at $108.99 a barrel, Reuters reported.
The International Monetary Fund urged Asian economies to be mindful of spillover risks from monetary tightening.
“Asian economies faced a choice between supporting growth with more stimulus and withdrawing it to stabilize debt and inflation,” IMF Deputy Managing Director Kenji Okamura said.
While Bank of Japan’s policy runs counter to a global shift toward monetary tightening, central banks in the United States, Britain and Australia raised interest rates recently.
Crude gains have been limited this week, with Brent and WTI mostly trading in a range due to the uncertain path of demand. Investors, worried about rising inflation and more aggressive action from central banks, have been reducing exposure to riskier assets.