Oil prices fell for a fourth day running on Friday and were set for steep weekly losses amid concerns that aggressive rate hikes by the Federal Reserve could slow growth and dent demand for fuel.
Benchmark Brent crude futures dropped 0.4 percent to $81.26 a barrel, while WTI crude futures were down half a percent at $75.32. The dollar held steady in European trade, helping cap the downside to some extent.
Both contracts were down more than 5 percent for the week, marking their worst drop since early February.
As rate worries mount, investors await the release of U.S. monthly jobs report later in the day, which could significantly impact the outlook for interest rates.
Economists expect employment to jump by 203,000 jobs in February after an increase of 517,000 jobs in January. The unemployment rate is expected to hold at 3.4 percent.
Next week's consumer price inflation report is another key trigger for markets.
During his testimony to Congress earlier this week, Fed Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was "transitory" and was surprised by the strength of the labour market.
