Oil prices edged lower on Friday — a two-week low — as worries about global economic growth and uncertainty weighed on markets following various interest rate hikes around the globe this week.

Brent crude futures fell 83 cents, or 0.8 percent, to $118.98 a barrel, while US West Texas Intermediate (WTI) crude futures fell to $116.79 a barrel, down 80 cents, or 0.7 percent.

If losses hold through the day, Brent crude futures would post their first weekly dip in five weeks, while US crude futures would see their first dip in eight weeks.

While the US Federal Reserve raising interest rates by 75 basis points is one reason, the worsening outlook for growth, inflation is another reason for oil prices falling.

Supply is increasing and the US production is at the highest since April 2020. But even as the US has announced new sanctions on Iran oil — it has not brought the markets back to $120 per barrel. So it continues to be nearly $5 per barrel down from where it was on Monday, June 13.

Also Read: Cooking oils to get cheaper by next week as brands cut MRPs by up to Rs 20 a litre

Pressure continues in the metal space where copper is trading at a 4-week low, platinum is trading at a 6-week low, and steel prices continue to trade at multi-month low as well. Coal has hit a 5-week low as well while gold prices are trading at a one month high.

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(with input from Reuters)