Oil prices fall 2.5%, record weekly losses

Oil rigs

Oil prices declined on Friday amid concerns about the continued tightening of US monetary policy.

Bank of America and Goldman Sachs expect the Federal Reserve to raise the interest rate three more times this year, after forecasting only two hikes.

The continued interest-rate hike would increase the economic recession risks in the US, which will negatively affect oil consumption.

Oil prices witnessed downward pressure this week, with a sharp rise in US oil stocks; hence the country tended to withdraw from the strategic inventory.

Brent futures for April delivery traded 2.5% or $2.14 lower at $83 a barrel, with weekly losses of 3.9%.

West Texas Intermediate (WTI) crude for March delivery fell 2.7%, or $2.15, to reach $76.34 a barrel, recording weekly losses of 4.2%.