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%, to $82.93 a barrel by 12:09 p.m. EDT . West Texas Intermediate U.S. crude fell $2.25, or 2.9%, 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.
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