Oil prices turned down in early trade on Friday after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks' aggressive rate hikes and China's COVID-19 curbs will hurt demand.

Asian shares crept higher as the dollar eased, with markets turning calmer after a record interest rate hike from the European Central Bank and hawkish comments from the U.S. Federal Reserve Chair reinforced bets of aggressive tightening ahead.

The dollar took a breather from its surging rally on Friday as markets digested yet more hawkish Fed speak, while the euro hung on to parity, helped by an outsized rate hike from the European Central Bank.

British retailers saw the slowest growth in sales since the end of COVID-19 lockdowns last year as shoppers tightened their belts in the face of soaring inflation, business consultancy BDO said on Friday.

U.S. President Joe Biden's administration is weighing the need for further releases of crude oil from the nation's emergency stockpiles after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters on Thursday.

U.S. Treasury Secretary Janet Yellen declared on Thursday that President Joe Biden's agenda has made the economy stronger than before the COVID-19 pandemic, but said more work was needed to protect the gains, especially by tackling inflation.