Oil drops more than 3%, on track for 2 consecutive weeks of decline

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Oil prices fell more than $2 a barrel on Friday, recording a two-week decline, due to concerns about weak demand in China and rising US interest rates.

At the end of Friday’s session, the Brent oil contract fell $2.82, or 3.1%, to $86.96 a barrel, after hitting its lowest since September 28 at $85.80. WTI oil contract lost 2.63 USD (equivalent to 3.2%) to 79.01 USD/barrel.

Both oil contracts posted their second consecutive weekly decline, with Brent falling 9% and WTI plunging 10.5% over the past week.

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