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Oil headed for worst weekly drop since Feb on U.S. slowdown fears

10 March 2023 09:17 (UTC +04:00)

Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States slowing growth and hitting fuel demand, APA reports citing Reuters.

Brent dipped 48 cents, or 0.6, to $81.11 a barrel by 0434 GMT. U.S. West Texas Intermediate crude (WTI) were down 60 cents, or 0.8%, at $75.12 a barrel.

Expectations of ongoing rate hikes in the world's largest economy and in Europe have clouded the global growth outlook and driven both crude benchmarks down more than 5.5% so far this week, in their worst drop since early February.