Brent crude futures fell 37 cents, or 0.3%, to $110.53 a barrel 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3%, to 107, $93 a barrel.
The Bank of England warned on Thursday that Britain risked a double jeopardy of recession and double-digit inflation by raising interest rates to their highest level since 2009, by a quarter of a percentage point. 1%.
At the same time, shares on the Wall Exchange fell as investors shed risky investments, fearing the Fed will raise rates further this year to tame inflation.
On the supply side, the Organization of the Petroleum Exporting Countries, Russia and allied producers, known as OPEC+, agreed as expected to another modest monthly increase in oil production.
Ignoring calls from Western nations to increase production further, OPEC+ agreed to boost June production by 432,000 barrels per day, in line with its plan to lift restrictions imposed when the pandemic hit demand.
The EU sanctions proposal, which must be unanimously supported by the 27 countries of the bloc, foresees the phasing out of imports of Russian refined products by the end of 2022 and the banning of all transport services shipping and insurance for the transportation of Russian oil.
A US Senate panel has advanced a bill that could expose OPEC+ to legal action for collusion over oil price stimulation. Congress has failed to pass versions of this legislation for more than two decades, but lawmakers are concerned about rising inflation and high gasoline prices.