Oil fell on Friday as the market assessed the aftermath of interest rates hikes at central banks, but was poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and hopes for a recovery of demand in China.
Brent crude futures fell $1.80, or 2.2%, to $79.41 per barrel by 0940 GMT. West Texas Intermediate futures slipped $1.87, or 2.5%, to $74.24.
Both benchmarks fell 2% in the previous session as the dollar strengthened and central banks in Europe raised interest rates.
“The tighter monetary policy is already having an impact on industrial activity. The prospect of further tightening following hawkish comments from policy makers weighed on sentiment,” said analysts from ANZ Research in a note on Friday.
