Brent hits fourweek low, heads for weekly loss of more than 6
Signals on rate hikes from Fed officials dampen sentiment
Struggling Chinese demand, rising COVID cases in focus

LONDON, Nov 18 Reuters Oil gave up early gains on Friday and was on track for a second weekly decline, pressured by concern about weakening demand in China and further interest rate rises by the U.S. Federal Reserve.

China, which sources say is looking to slow crude imports from some exporters, has seen a rise in COVID19 cases, while hopes for the moderation of aggressive U.S. rate hikes have been dented by remarks from some Fed officials this week.

As things stand, bullish price drivers are in short supply, Stephen Brennock of oil broker PVM said. Yet with the EU embargo on Russian crude less than three weeks away, oil prices could still end the year with a bang.

Brent crude was down 36 cents, or 0.4, to 89.42 a barrel at 1105 GMT, having touched a 4week low of 89.16 earlier. U.S. West Texas Intermediate WTI crude was down 4 cents at 81.60.

Both benchmarks are heading for a second weekly loss. Brent is on track for a decline of more than 6, while WTI is down 8.

Recession concerns have dominated this week even with the European Union39;s ban on Russian crude looming on Dec. 5 and the Organization of the Petroleum Exporting Countries and allies, together known as OPEC, tightening supply.

On the demand side, there are concerns about an economic slowdown, said Naeem Aslam of Avatrade. The…