SINGAPORE: Oil prices settled lower on Friday, posting a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower US crude stocks.

In a second straight day of losses, Brent crude closed down 29 cents, or 0.4%, to US$73.85 a barrel. US West Texas Intermediate (WTI) crude fell 35 cents, or 0.5%, at US$69.16.