Crude oil prices came under heavy bearish pressure ahead of the weekend and the barrel of West Texas Intermediate (WTI) declined below $110.00 for the first time in three weeks. As of writing, the WTI was down 6.4% on a daily basis at $109.50.

Investors grow increasingly concerned over the energy demand outlook as major central banks continue to tighten their policies to battle inflation despite recession risks. 

Citing Tass news agency, Reuters reported earlier in the day that the Russian deputy energy minister was expecting Russia's oil exports to increase in 2022 despite Western sanctions and the European embargo.

Meanwhile, the weekly data published by oil services firm Baker Hughes revealed that the number of active oil rigs in the US rose by 4 to 584 in the week to June 17.