Oil prices faced their sharpest weekly decline since March due to concerns that persistent high interest rates may lead to a global economic slowdown, dampening fuel demand. Brent and WTI crude, which hit 2023 highs last week, dropped 11.8% and 8.8% this week, respectively. Brent futures rose 0.4% to .43, and WTI crude increased 0.5% to .73 on Friday, rebounding from a 2% decline on Thursday. A bond market selloff and worries about the U.S. budget deficit have fueled the sell-off. OPEC+ maintained its output policy, while U.S. data revealed a drop in gasoline demand and slowed services sector growth.

Original Article: https://www.investing.com/news/commodities-news/oil-on-track-for-sharpest-weekly-decline-since-march-3191844