Oil steadies but remains on track for weekly decline on rate hike fear
LONDON (Reuters) -Oil prices were broadly steady on Friday but on track for a weekly decline on fears of sharp interest rate increases expected to curb global economic growth and fuel demand.
Brent crude futures were up 25 cents, or 0.3%, at $91.09 a barrel by 0921 GMT but were down 1.9% for the week.
U.S. West Texas Intermediate (WTI) crude futures gained 11 cents, or 0.1%, to trade at $85.21, down 1.8% this week.
Both benchmarks are headed for third consecutive weekly losses, hurt partly by a strong U.S. dollar, which makes oil more expensive for buyers using other currencies. The dollar index held near last week’s high above 110.
