Fears of U.S. stagflation have put downward pressure on international oil prices.
Brent crude ended its week-long rally on March 28, reversing course after seven consecutive days of gains.
The prospect of the U.S. economy falling into stagflation, where growth slows amid inflation, has eased pressure on oil demand and dragged down oil prices.
Brent crude for the May delivery settled at $73.63 per barrel, down $0.40 (0.54%) from the previous session.
Similarly, West Texas Intermediate (WTI), the U.S. benchmark, saw its May contracts drop by $0.56 (0.80%) to close at $69.36 per barrel.
Despite these daily losses, oil prices still posted gains every week.
Over the past week, Brent rose by 2.04%, while WTI climbed 1.58%.
Since oil prices began to rise on March 19, Brent has surged by 3.6% and WTI by 2.6%.
