Oil Prices Set for 5 Percent Weekly Drop on US Rate Hike Jitters

Crude oil tankers, including Troitsky Bridge vessel, lie at anchor in Nakhodka Bay near the port city of Nakhodka, Russia, on Dec. 4, 2022. Tatiana Meel/Reuters

LONDON—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 41 cents, or 0.5 percent, to $81.18 a barrel by 0852 GMT. U.S. West Texas Intermediate crude (WTI) was down 56 cents, or 0.7 percent, at $75.16.