Crude heads for weekly 5% plunge on fears of US rate hikes

By Shadia Nasralla

LONDON, March 10 (Reuters) – Oil fell for a fourth consecutive session on Friday and was on course for its biggest weekly loss in five weeks on fears that higher U.S. interest rates could hurt demand for oil. fuel. .

* As of 0852 GMT, Brent was down 41 cents, or 0.5%, at $81.18 a barrel, and US West Texas Intermediate (WTI) was down 56 cents, or 0.7%, at $75.16.

* Las expectativas de nuevas alzas de tasas en la mayor economía mundial y en Europa han empañado las perspectives de crecimiento mundial y han provocado que ambos índices referenciales del crudo desciendan más de un 5% en lo que va de semana, su peor declive desde principios FEBRUARY.

* The strengthening dollar also makes oil more expensive for holders of other currencies.

* US Federal Reserve Chairman Jerome Powell has warned of bigger and potentially faster rate hikes, saying the bank was wrong to initially think inflation was “transient”.

* Broader U.S. jobs data, due out later today, promises to be a crucial barometer of the health of the labor market, on an adjusted basis, and an indicator of direction rates.

* “Better than expected numbers will be the final nail in the coffin for the conservative rate and should provide fresh ammunition for oil bears,” said PVM analyst Stephen Brennock.

(Additional reporting by Sudarshan Varadhan and Muyu Xu in Singapore; editing in Spanish by Carlos Serrano)