Crude oil prices continue to plummet, facing weekly losses.

Oil prices fell on Friday, with both Brent and WTI crude on course for weekly losses of more than 4%, due to concerns over global economic growth following a series of rate hikes by central banks. The Bank of England surprised markets by hiking interest rates by 50 basis points, while central banks in India and Turkey also hiked rates. The Energy Information Administration reported that US crude inventories shrank more than expected in the week to June 16. However, PMI data from several countries suggests downside risk is a possibility.