Oil Heads for Weekly Loss as Recession Fears Trump Tight Supply

Oil Heads for Weekly Loss as Recession Fears Trump Tight Supply
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, on March 1, 2021. Christian Hartmann/Reuters
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LONDON—Oil rose in volatile trade on Friday but was still heading for a weekly decline as concern over a potential recession-driven demand downturn outweighed tight global supplies.

Central banks are raising interest rates to tame inflation, spurring fears that rising borrowing costs could stifle growth, while mass COVID-19 testing in Shanghai this week stoked fears of potential lockdowns that could also hit oil demand.