Oil slips to close choppy week as slowdown concerns linger

​Oil retreated on Friday after a volatile week as concerns over a global economic slowdown continue to hang over the market.

Benchmark Brent futures traded near US$91 a barrel amid risk-off sentiment across markets as bond yields surge. Investors are juggling slowdown fears against signs of oil market tightness, while fluctuating risk sentiment in broader markets has regularly whipsawed crude prices.

Oil has a lost a third of its value since early June due to slowdown concerns and aggressive monetary policy from central banks to tame inflation, However, the market is facing a period of supply uncertainty in coming months as OPEC+ cuts output and the European Union implements sanctions on Russian flows.