Oil prices on track for weekly dip as dollar firms | Reuters

Oil prices on track for weekly dip as dollar firms | Reuters

Oil prices fell on Friday, wiping out gains from the previous session, as the dollar continued to gain on bets the U.S. central bank will bring forward plans to raise rates to tame inflation.

U.S. West Texas Intermediate (WTI) crude futures fell 61 cents, or 0.8%, to $80.98 a barrel at 0749 GMT, reversing Thursday's 25 cent gain.

Brent crude futures dropped 65 cents, or 0.8%, to $82.22 a barrel.

"The greenback may hold its strength until the expectation of a more hawkish Fed is fully digested by the market, which may not be sooner than mid-2022. Before that happens, a strong dollar can be a possible headwind for higher oil prices," said Leona Liu, analyst at Singapore-based DailyFX.