Brent futures for July were down 10 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 <CLc2> 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.
While Bank of Japan policy runs counter to a global shift
towards monetary tightening, central banks in the United States,
Britain and Australia raised interest rates recently.
"If U.S. growth data continues to sour, oil prices could get
caught up in the negative stock market feedback loop," SPI Asset
Management Managing Director Stephen Innes said in a client
note.
Despite higher fuel prices, however, Americans were getting back
behind the wheel, according to a report from the Federal Highway
Administration on vehicle miles.
The European Union is hoping to clinch a deal on a proposed ban
of Russian crude imports which includes carve-outs for EU states
most dependent on Russian oil such as Hungary.
"Odds of an EU embargo being declared sooner rather than later
increased in the wake of Germany's success in cutting Russian
oil imports by more than half in a very short period,"
consultancy BCA research said in a note.
"Further reductions in Germany’s imports of Russian oil will
make it easier for the EU's largest economy to walk away from
Russian crude and product imports sooner rather than later."
Iran, meanwhile, is having a tougher time selling its crude now
that more Russian barrels are available with Iranian crude
exports to China down sharply since the start of the Ukraine war
as Beijing buys discounted Russian barrels.
(Additional reporting by Scott DiSavino; editing by Frank Jack
Daniel and Jason Neely)
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