Oil fell 3% on Friday and was on course for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply.
Brent crude futures were down $2.83, or 3.3%, to $82.31 a barrel by 1411 GMT, while West Texas Intermediate U.S. crude fell $2.88, or 3.6%, to $75.61.
"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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