Oil steady on the week as oil supply risks meet economic headwinds | Reuters

Oil steady on the week as oil supply risks meet economic headwinds | Reuters

Oil prices edged lower on Friday on course for little change on the week as a planned European ban on Russian oil balanced out investor concerns about weakening economic growth hitting demand.

Brent futures for July were down10 cents, or 0.1%, to $111.94 a barrel by 0920 GMT, while U.S. West Texas Intermediate (WTI) crude for June fell 56 cents, or 0.5%, to $111.65 on its last day as the front-month.

The more actively traded WTI contract for July was down 0.23 cents at $109.66 a barrel.

The International Monetary Fund (IMF) 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 stabilise debt and inflation, IMF Deputy Managing Director Kenji Okamura said. read more