Oil prices slipped in cautious trade on Friday, as a surge of COVID-19 cases in China exacerbated fears of a global recession and offset concerns over tight supplies because of the escalating Ukraine conflict.
Benchmark Brent crude futures slipped 0.1 percent to $83.34 a barrel, while WTI crude futures were down 0.2 percent at $78.22.
Brent futures were on track to gain more than 7 percent in 2022 while U.S. crude futures were poised to rise nearly 4 percent during the year.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.