Global oil prices fell again, with oil prices recording $106.65 per barrel for futures contracts of the world benchmark crude at settlement on Friday, while futures contracts for U.S. West Texas Intermediate crude recorded $102.07 per barrel, indicating that the price may drop to $94-95 per barrel, according to various media reports.

Crude oil continues to show uncertainty since the rise in early March which brought the price close to $140 per barrel, near the levels of the 2008 global financial crisis.

Yesterday, crude oil prices reached $105.50, but after U.S. Federal Reserve Chairman Jerome Powell indicated strong interest rate hikes in the coming months.

Oil futures fell today, giving up some gains from the evening session as financial markets are experiencing tension.

Powell said at an IMF meeting that "fifty basis points will be on the table at the May meeting."

According to American newspapers, the failure of President Joe Biden's administration to force other countries to impose sanctions on Russian oil and gas has calmed the wave of buying.

Earlier, German Chancellor Olaf Scholz said he does not see how a gas ban on Russia will end the war, meaning the Eurozone will not impose sanctions.

U.S. Treasury Secretary Janet Yellen confirmed that imposing a European ban on Russian oil and gas imports could have unintended economic consequences.

U.S. Deputy Secretary of State Wendy Sherman said the United States wants to avoid raising gas and oil prices so as not to help Russian President Vladimir Putin.

European Union Commissioner for Security and Foreign Affairs Josep Borrell confirmed that "the bloc does not plan to impose strict restrictions on oil supplies from Russia," following threats from EU member states to block such a decision.

The newspaper "Le Figaro" quoted Borrell as saying: "It will be very difficult to achieve consensus in the European Union on banning or increasing tariffs on Russian oil, as some member states have declared they will veto any collective decision in this regard."

He added: "EU countries are voluntarily gradually reducing their oil imports from Russia after increasing supplies in the early weeks of the special operation in Ukraine... Europeans will have to give up Russian energy carriers one way or another."

He pointed out the fact that "the image of the bloc's division with increased sanctions rigidity will not reassure Europeans but will please Moscow... The European Commission is now considering imposing customs duties on Russian oil imports."

The newspaper mentioned that "after banning Russian coal supplies, EU countries including Poland and France support a complete rejection of Russian energy sources, while Germany, Austria, and Hungary oppose this."

The International Monetary Fund lowered its global GDP forecasts as well as those of individual countries, in a warning about inflation and the effects of the conflict in Ukraine.

The fund believes global GDP growth will be 3.6% this year after being 4.4% previously, which kept demand moderate for oil.

Regarding forecasts for China, growth is expected to be 4.4% instead of 4.8% in the January report.