Oil prices set for 5% weekly drop on U.S. rate hike jitters | Reuters

Oil prices set for 5% weekly drop on U.S. rate hike jitters | Reuters

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 hitting fuel demand.

Brent dipped 63 cents, or 0.8%, to $80.96 a barrel by 1140 GMT. U.S. West Texas Intermediate crude (WTI) was down 69 cents, or 0.9%, at $75.03.

Expectations of further 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% so far this week, their worst drop since early February.