Brent crude futures were down $2.20 to $82.93 a barrel by 12:09 p.m. EDT, while U.S. West Texas Intermediate crude fell $2.25 to $76.24
Oil fell by more than $3 and was on course for a weekly decline, pressured by worries that future U.S. Federal Reserve interest rate hikes could weigh on demand and by signs of ample crude and fuel supply.
Brent crude futures were down $2.20, or 2.6 per cent, to $82.93 a barrel by 12:09 p.m. EDT . West Texas Intermediate U.S. crude fell $2.25, or 2.9 per cent, to $76.24.“Rate hike jitters have returned with a vengeance,” said Stephen Brennock of oil broker PVM.Russian oil producers expect to maintain current volumes of crude oil exports, despite the government’s plan to cut oil output in March, the Vedomosti newspaper said on Friday, citing sources familiar with companies’ plans.
“Because oil storage is at a 19 month high, refiners are going to stretch out turnaround season for as long as they can,” said Bob Yawger, director of energy futures at Mizuho. Some support came from moves this week by the International Energy Agency and the Organization of the Petroleum Exporting Countries to raise their forecasts for global oil demand growth this year, citing expectations for more Chinese demand.
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