FX.co ★ Oil Extends Losses On Supply, Rate Worries

Oil prices tumbled on Friday and headed for weekly losses amid signs of amply supply and concerns over rising U.S. interest rates.

Benchmark Brent crude futures fell 1.5 percent to $83.89 a barrel, while WTI crude futures were down 1.5 percent at $77.30.

Benchmarks headed for a weekly decline of more than 3 percent as world oil supply looks set to exceed demand through the first half of 2023.

Russian oil producers expect to maintain current volumes of crude oil exports, despite the government's plan to cut oil output by 500,000 barrels per day, or around 5 percent of output, in March, the Vedomosti newspaper reported, citing sources.

Data from Energy Information Administration (EIA) on Wednesday showed crude stockpiles rose by 16.3 million barrels to 471.4 million barrels during the week ended February 10, marking an eighth straight weekly rise and the highest level since June 2021.

Oil prices were also pressured by a stronger dollar and a rise in U.S. Treasury yields after two Federal Reserve officials said interest rates may need to move to a higher level than anticipated.