Oil prices declined over 5% during the week ending Sept. 2 as signs of more aggressive interest rate hikes by central banks fueled recession and demand fears.
Brent crude was trading at $93.80 per barrel at 14.50 p.m. local time (1150 GMT) on Friday, posting a 5.21% decrease from the Monday session that opened at $98.96 a barrel.
American benchmark West Texas Intermediate (WTI) registered at $88.09 per barrel at the same time on Friday, falling 5.24% relative to the opening price of $92.96 a barrel on Monday.
Oil prices came under pressure due to concerns over an economic slowdown as central banks in the US and Europe are expected to make more aggressive interest rate hikes.
A US Federal Reserve official signaled higher interest rates in upcoming meetings on Wednesday.
Demand concerns further increased over reports that Saudi Arabia may slash October prices for Asian customers. The oil-rich country will lower prices for Arab Light crude for its Asian customers by $4.50.
Additionally, prices declined on demand concerns after China reintroduced strict lockdown measures, although fears that OPEC+ producers may cut production constrained further losses.
Investors are now monitoring the next OPEC+ meeting on Sept. 5, when the group will decide on its production schedule for October.
By Zeynep Beyza Kilic
Anadolu Agency